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Russian economy grows more than expected (despite war)
The Russian economy grew by 5.4% in the first quarter of this year compared to the same period in 2023, the Ministry of Economic Development reported today, which revised upwards its growth forecasts for this year.
© REUTERS/Evgenia Novozhenina/File Photo
Economia Rússia
The growth of the Gross Domestic Product (GDP), which had reached 4.8% in January and 7.6% in February, slowed down to 4.2% in March, according to the ministry's report.
The Ministry of Economy improved its growth forecasts from 2.3% to 2.8%, while the Russian Central Bank raised its forecasts from a range of 1-2% to 2.5-3.5%.
Russian President Vladimir Putin estimated today a GDP growth of over 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 are talking about a growth of the Russian GDP of over 3% this year," said Putin, who chaired a government meeting on the state of the economy and the prospects for development in the next six years.
The International Monetary Fund (IMF) recently raised its growth forecast for Russia by six tenths of a percentage point, to 3.2%, thanks to the positive performance of its oil exports.
The IMF believes that the Russian economy has strengthened because oil export volumes have remained stable due to established trade with countries not aligned with Western sanctions.
In early April, Russian Prime Minister Mikhail Mishustin stressed that GDP had grown by 3.6% last year, despite increased external pressures, referring to Western sanctions imposed due to the war launched by Moscow in Ukraine.
Read Also: Russia fines journalist for belonging to "undesirable" organization (Portuguese version)
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