Russia’s GDP exceeds $2.3tn in 2024, almost doubling in 4 years
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Prime Minister Mikhail Mishustin announced that Russia's GDP reached 200 trillion rubles ($2.3 trillion) in 2024, nearly doubling over the last four years.
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This illustrative image shows a woman walking past a currency exchange office in Moscow, on October 3, 2023 (AFP)
Prime Minister Mikhail Mishustin stated that Russia's GDP reached 200 trillion rubles ($2.3 trillion) in 2024, nearly doubling over the past four years.
Addressing the State Duma, he said, "GDP breached the 200 trillion rubles mark in nominal terms in 2024 for the first time, having almost doubled since 2020."
"Domestic demand, both investment and consumer, fueled growth," the premier said, adding that "fixed investment gained almost 7.5% in a year."
On a related note, Russia's crude oil exports have surged to their highest level in five months, even as US-led negotiations continue to broker a ceasefire in Ukraine.
According to recent data revealed on March 25, Russian crude oil flows from all ports rose to 3.45 million barrels per day in the four weeks ending March 23, marking the highest level since October 20. This increase came despite a weekly decline in shipments, primarily due to lower flows from the Baltic and Black seas.
Russian GDP grows by 5%
Last year, Mishustin announced on July 12 that the GDP of Russia has grown 5% in the first five months of the year - higher than expected.
During a meeting on economic issues, he said, "Today, we will discuss the current situation in the economy. The dynamics remains high - in May growth accelerated slightly compared to April to 4.5%."
He added, "If we take the statistics for five months, the gross domestic product increased by 5% compared to the same period last year. This is significantly higher than forecasts, despite all attempts from outside to stop us."
Mishustin revealed his belief that the data in the real sector of the economy are also positive as he stated that from January to May, the manufacturing sector grew by nearly 9%, citing machine building as one of the key factors in this area, "which showed double-digit growth rates."
