Russia's IT industry expanded 3.5 times to 4.4 trillion rubles (around $51 billion) from 2018 to 2024 as part of the Digital Economy national project, according to Russian Deputy Prime Minister Dmitry Grigorenko.

During a presentation on Wednesday, Grigorenko highlighted that the sector's contribution to Russia's GDP nearly doubled to 2.4% by 2024, while the number of IT specialists surged by approximately 80%, reaching 983,000.

"The average salary in IT specialties has doubled over the past five years, now standing at 180,000-190,000 rubles. This is much higher than the average in the economy, which is just over 80,000 rubles. An IT specialist today is expensive," Grigorenko stated.

The Digital Economy national project is set to be replaced by the Data Economy and Digital Transformation of the State national project. The new initiative will focus on three main areas: "Infrastructure," "Tools," and "The Future."

Russian economy 'immune to sanctions'

An op-ed by The Economist last March detailed the economic trajectory of Russia in the two years since the start of the war in Ukraine, stating that despite initial fears of a financial collapse in 2022, the Russian economy has continuously defied pessimistic forecasts.

Instead of facing a catastrophic downturn, the economy experienced a recession of lesser severity and shorter duration than anticipated. Moreover, while inflation emerged as a recent concern, even prompting worries from Putin himself, recent data suggests a potential stabilization in prices.

Overall, data suggests that the Russian economy is rebounding once again. A report expected to be published on March 13th indicates a decrease in monthly inflation in February compared to the end of the previous year. Year-on-year inflation rates are projected to stabilize, with forecasts suggesting a potential decrease to just 4%.

According to the report, these figures could bolster Putin's position as Russia's presidential election, set to begin on March 15th, approaches.

Last year, Russian inflation surged due to increased government spending on various sectors amid the war in Ukraine. The fiscal splurge led to heightened demand for goods and services, resulting in price increases.

The labor market also faced challenges, with shortages exacerbated by military conscriptions and emigration.