In 2024, Russian GDP saw a 4.1% increase, reports Mishustin
According to the prime minister, Russia’s gross domestic product has achieved a record peak thanks to increased investment and consumer engagement. Read Full Article at RT.com
TroibNews 
According to Prime Minister Mikhail Mishustin, manufacturing has been the key driver behind the country’s economic growth.
In a statement made on Friday during a meeting with Russian President Vladimir Putin regarding macroeconomic policies for sustainable growth, Mishustin reported that Russia’s GDP reached a record high last year. He referenced data from Rosstat, Russia’s state statistics agency, which indicated that GDP experienced a growth of 4.1% in 2024, “driven by high investment and consumer activity.”
By the end of 2024, Mishustin indicated that Russia’s nominal GDP reached a staggering 200 trillion rubles. He pointed out that the Russian economy is effectively adapting to sanctions, contrasting it with some countries that imposed these sanctions and are now experiencing stagnation. Mishustin specifically highlighted the manufacturing sector as crucial to Russia’s economic expansion, stating, “In general, our industrial production has increased 4.6%, which is better than all preliminary estimates.”
The unemployment rate in Russia averaged below 2.5% in 2024 and has since decreased to 2.3%. Mishustin described this decline as a vital element contributing to the country’s economic stability. He did express caution regarding monetary policy measures, which, while essential for creating conditions conducive to lowering prices, could also potentially hinder economic growth. To address this concern, he advocated for a responsible approach to budgeting and macroeconomic policy from both the government and the Bank of Russia.
In related remarks, President Putin mentioned that 2024 was a successful year for the Russian economy and noted that key macroeconomic indicators continue to show positive trends. He pointed out that the federal budget deficit was recorded at 1.7% of GDP, which he deemed acceptable, especially when compared to developed economies.
Current statistics reveal that, in 2024, the budget deficit as a percentage of GDP surpassed 6% in both the US and France, while Italy recorded a 3.8% deficit, Japan a 3.7% deficit, and Germany a 2.2% deficit.
Olivia Brown for TROIB News
In a statement made on Friday during a meeting with Russian President Vladimir Putin regarding macroeconomic policies for sustainable growth, Mishustin reported that Russia’s GDP reached a record high last year. He referenced data from Rosstat, Russia’s state statistics agency, which indicated that GDP experienced a growth of 4.1% in 2024, “driven by high investment and consumer activity.”
By the end of 2024, Mishustin indicated that Russia’s nominal GDP reached a staggering 200 trillion rubles. He pointed out that the Russian economy is effectively adapting to sanctions, contrasting it with some countries that imposed these sanctions and are now experiencing stagnation. Mishustin specifically highlighted the manufacturing sector as crucial to Russia’s economic expansion, stating, “In general, our industrial production has increased 4.6%, which is better than all preliminary estimates.”
The unemployment rate in Russia averaged below 2.5% in 2024 and has since decreased to 2.3%. Mishustin described this decline as a vital element contributing to the country’s economic stability. He did express caution regarding monetary policy measures, which, while essential for creating conditions conducive to lowering prices, could also potentially hinder economic growth. To address this concern, he advocated for a responsible approach to budgeting and macroeconomic policy from both the government and the Bank of Russia.
In related remarks, President Putin mentioned that 2024 was a successful year for the Russian economy and noted that key macroeconomic indicators continue to show positive trends. He pointed out that the federal budget deficit was recorded at 1.7% of GDP, which he deemed acceptable, especially when compared to developed economies.
Current statistics reveal that, in 2024, the budget deficit as a percentage of GDP surpassed 6% in both the US and France, while Italy recorded a 3.8% deficit, Japan a 3.7% deficit, and Germany a 2.2% deficit.
Olivia Brown for TROIB News
