Russian finance minister presents optimistic economic outlook
Russia's finance minister, Anton Siluanov, has indicated that the country's GDP growth for 2024 is anticipated to surpass earlier forecasts. Read Full Article at RT.com
TroibNews 
The Russian economy is performing better than expected, with an anticipated GDP increase of 3.9% this year, declared Finance Minister Anton Siluanov last Friday.
In a statement to Russia-24, Siluanov reported, "The estimates for the dynamics of the economy for this year are also higher than we initially included in our forecasts... Last year, the figure was 3.6%, it was high, and this year we will exceed it."
He further highlighted, “We see investments growing, at around 8%, real disposable incomes of the population are also increasing.”
Additionally, budget revenues have risen from the previous year by 4.7 trillion rubles ($52 billion), driven largely by heightened oil and gas revenues as well as domestic economic income, Siluanov noted.
By the end of 2024, the budget deficit is predicted to reach about 1.1% of GDP, Siluanov indicated. He also mentioned that by 2025, approximately $30 billion will be generated from tax system modifications, which will fund priority projects.
Moreover, the Russian Economic Development Ministry had previously forecast a 2.8% growth for 2024 in April, with expectations for a revision of this estimate coming in early September.
On an international note, the World Bank has upgraded its economic growth forecast for Russia, projecting a GDP increase of 2.9% for this year and 1.4% in 2025, up from earlier estimates of 2.2% and 1.1%, respectively. The bank acknowledged that Russian economic progress has continued despite Western sanctions.
Additionally, the International Monetary Fund in April stated its projection that Russian economic growth in 2024 will surpass that of all advanced economies.
James del Carmen for TROIB News
In a statement to Russia-24, Siluanov reported, "The estimates for the dynamics of the economy for this year are also higher than we initially included in our forecasts... Last year, the figure was 3.6%, it was high, and this year we will exceed it."
He further highlighted, “We see investments growing, at around 8%, real disposable incomes of the population are also increasing.”
Additionally, budget revenues have risen from the previous year by 4.7 trillion rubles ($52 billion), driven largely by heightened oil and gas revenues as well as domestic economic income, Siluanov noted.
By the end of 2024, the budget deficit is predicted to reach about 1.1% of GDP, Siluanov indicated. He also mentioned that by 2025, approximately $30 billion will be generated from tax system modifications, which will fund priority projects.
Moreover, the Russian Economic Development Ministry had previously forecast a 2.8% growth for 2024 in April, with expectations for a revision of this estimate coming in early September.
On an international note, the World Bank has upgraded its economic growth forecast for Russia, projecting a GDP increase of 2.9% for this year and 1.4% in 2025, up from earlier estimates of 2.2% and 1.1%, respectively. The bank acknowledged that Russian economic progress has continued despite Western sanctions.
Additionally, the International Monetary Fund in April stated its projection that Russian economic growth in 2024 will surpass that of all advanced economies.
James del Carmen for TROIB News
