The Russian Economic Development Ministry upgraded the forecast of Russia's GDP growth from 2.3% to 3.9% in 2024, a representative of the ministry said on Friday.
"This year's economic growth rate is more optimistic than we estimated in April. Now we believe that the real GDP growth rate this year will be about 3.9%," the representative said, adding that the ministry expects Russia's economy to grow by 2.6% in 2026 and by 2.8% in 2027.
The ministry has also upgraded the forecast for inflation from 5.1% to 7.3% in 2024 and from 4% to 4.5% in 2025, a representative of the ministry said on Friday.
"Inflation is 7.3%. Inflation is higher than it was expected. The reasons are also clear — we see a faster-than-expected growth rate of household incomes," a representative of the ministry said, commenting on the draft forecast.