Russia's Economic Growth in Q3 2024

(Reuters) – Russia's gross domestic product (GDP) grew by 3.1% in the third quarter of 2024, down from a 4.1% annual rise in the second quarter and 5.4% in the first quarter, according to state statistics service Rosstat on Wednesday.

The economy ministry had previously estimated that the economy would grow 2.9% in the third quarter, while the central bank had predicted 3.2% growth.

The Russian government forecasts GDP growth for the entirety of 2024 at 3.9%, which would surpass the 3.6% growth achieved in 2023. This growth is attributed to substantial budget injections and increased military-industrial production as Moscow continues its involvement in the war in Ukraine.