Russia's GDP growth slows to 3.1% y/y in Q3, statistics service says

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November 13, 2024 11:05 AM EST

FILE PHOTO: A customer shops for dairy products at a grocery store in Saint Petersburg, Russia June 27, 2024. REUTERS/Anton Vaganov/File Photo

(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, state statistics service Rosstat said on Wednesday.

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

The Russian government forecasts GDP growth for 2024 as a whole at 3.9%, surpassing the 3.6% growth achieved in 2023, thanks to substantial budget injections and greater military-industrial production as Moscow continues its war in Ukraine.

(Reporting by Darya Korsunskaya; Editing by Peter Graff)


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