The Russian Statistical Service (Rosstat) revealed that GDP grew by 3.1% in the third quarter of 2024, down from an annual increase of 4.1% in the second quarter and 5.4% in the first quarter.
The Economy Ministry estimated the economy would grow by 2.9 percent in the third quarter, while the central bank forecast growth of 3.2 percent.
The Russian government expects GDP growth for the whole of 2024 to be 3.9 percent, up from 3.6 percent in 2023 thanks to huge budget funds and increased military-industrial production as the war in Ukraine continues.
