Russia's GDP Growth Accelerates to 7.7% in February - Economic Development Ministry
© Sputnik / Alexandr Suhov
/ Subscribe
MOSCOW (Sputnik) - The annual GDP growth in Russia has accelerated to 7.7% in February, while the GDP grew by 6% in January-February when compared to the same period last year, the Economic Development Ministry said on Wednesday in its estimate.
"Russia's Economic Development Ministry estimates that GDP in February 2024 was 7.7% year-on-year [more than] a year earlier, after 4.6% [increase] year-on-year in January," the ministry said in a report.
Russia's GDP growth in February accelerated to 7.7% year-on-year from 4.6% in January, according to a review by the Ministry of Economic Development.
— Sputnik (@SputnikInt) April 3, 2024
The ministry also noted that, in monthly terms, Russia's GDP grew by 0.2% in February alone, excluding the seasonal factor. "Compared to the same month in 2022, the GDP increased by 4.7% (and by 2% in the month of January)", the report also said.
The ministry's forecast for 2024 and 2025 assumes that Russian economy will grow by 2.3%, and by 2.2% in 2026. The spring is when the Russian Ministry of Economic Development normally revises its social and economic forecast for the current year, as well as for the next three years. Per the official data, in 2023 Russia's economy grew by 3.6%.
