Wed. Feb 19th, 2025

News – Russian Government


Deputy Prime Minister Alexander Novak held a meeting on the current economic situation. It was attended by Deputy Head of the Presidential Administration Maxim Oreshkin, representatives of the Ministry of Economic Development, the Ministry of Finance, the Ministry of Energy, the Ministry of Industry and Trade, the Ministry of Labor, the Ministry of Construction, the Ministry of Agriculture, as well as the Bank of Russia, Sberbank, VEB.RF, experts and scientists from the Center for Macroeconomic Analysis and Short-term forecasting and the Russian Academy of Sciences.

The participants discussed the results of the economic bloc’s work last year and proposals for further economic development.

According to the Ministry of Economic Development, over the 11 months of 2024, GDP grew by 4% year on year. The forecast GDP growth rate for 2024 is 3.9%. Industry growth in January–November 2024 amounted to 4.3%; by the end of 2024, growth is expected to be more than 4% compared to the 2023 level.

The development of the manufacturing industry shows the highest dynamics – this segment added 8% in 11 months of 2024, the same level of sector growth is predicted for the entire 2024. The development of the machine-building complex made a significant contribution to this growth: based on the results of 11 months of 2024, the overall growth for the complex was 22.6% year-on-year.

Based on the results of 9 months of 2024, investment growth was 8.6% year-on-year; based on the results of 2024, growth could be 7.8% compared to the 2023 level.

Over the 10 months of 2024, real wage growth is estimated at 8.9%; by the end of 2024, real wage growth could be 9.2%. Unemployment fell to an anti-record – in November it was estimated at 2.3%.

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