Gross Domestic Product (GDP) growth, which had reached 4.8% in January and 7.6% in February, slowed to 4.2% in March, according to the ministry report.
The Ministry of Economy improved its growth forecasts from 2.3% to 2.8%, while the Russian Central Bank raised its growth forecasts from a range between 1 and 2% to 2.5 to 3.5%.
Russian President Vladimir Putin today estimated GDP growth of more than 3% in 2024, the third year of the war with Ukraine.
“The current state of the economy allows us to improve our forecasts for its development. Many experts speak of Russian GDP growth exceeding 3% this year,” said Putin, who chaired a government meeting on the state of the economy and development prospects over the next six years.
The International Monetary Fund (IMF) recently raised Russia’s growth forecast by six tenths of a percentage point, to 3.2%, thanks to the positive performance of its oil exports.
The IMF considers that the Russian economy has strengthened because oil export volumes have remained stable due to trade established with countries not aligned with Western sanctions.
At the beginning of April, Russian Prime Minister Mikhail Mishustin highlighted that GDP had grown by 3.6% last year, despite increased external pressure, alluding to Western sanctions imposed due to the war launched by Moscow in Ukraine.
