Russian GDP achieves record high of 4.1 percent in 2024

(MENAFN) Russia's GDP achieved a record high in 2024, growing by 4.1% year-on-year, Prime Minister Mikhail Mishustin announced on Friday. Speaking during a meeting with President Vladimir Putin on macroeconomic policies, Mishustin cited data from Russia’s state statistics agency, Rosstat, which attributed the growth to strong investment and consumer spending.

By the end of 2024, Russia's nominal GDP reached a historic 200 trillion rubles (over $2 trillion). Mishustin emphasized that the Russian economy has adapted well to international sanctions, unlike some countries that imposed them and are now experiencing stagnation. He highlighted the manufacturing sector as a major contributor to the country’s economic expansion, with industrial production growing by 4.6%, surpassing initial expectations.

The country's unemployment rate averaged below 2.5% in 2024, now standing at 2.3%, a key indicator of economic stability, according to Mishustin. While he noted that monetary policies aimed at controlling prices could slow growth, he called for careful fiscal and macroeconomic management to balance stability and development.

In December, President Putin also acknowledged 2024 as a successful year for the Russian economy, with positive macroeconomic indicators. He pointed out that the federal budget deficit stood at 1.7% of GDP, a manageable level compared to deficit figures in countries like the US, France, and Italy.

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