Russia reports 4.1% GDP growth

Federal Service of State Statistics, based on the first GDP estimate for Q2 2024, recorded an increase in the physical volume of GDP to 104.1% compared to the corresponding period of 2023, which is 0.1% higher than the preliminary estimate.

According to the statistics service, the most significant impact on GDP growth was due to the increase in added value in some industries.

The growth of manufacturing (+8.1%) was recorded in the production of motor vehicles, trailers and semi-trailers (+18.4%), as well as other vehicles and equipment (+23.8%), the production of optical and electronic products and computers (+33.1%), finished metal products (+42.7%) and food products (+5.7%).

According to the agency's estimates, the wholesale and retail trade industries grew by 8%. Thus, wholesale trade turnover grew by 8.3% and retail trade turnover by 7.3%. The growth was linked to increased demand for consumer goods, equipment, and machinery.

The construction industry grew by 5.6% due to the implementation of major investment projects and an increase in the volume of work.

The hotel and restaurant business showed growth of 5.5% against the backdrop of increased demand in the catering market (+5.4%).

Author: Sergey Nikolaev