Russia’s economic growth slightly cools at Q3-end – minister

Russia’s economy began to show signs of cooling slightly at the end of the third quarter and the start of the fourth quarter, Economic Development Minister Maxim Reshetnikov said on Thursday.  However, Reshetnikov said the GDP growth forecast for 2024 remains at 3.9 per cent.

Speaking at the All-Russia Academy of Foreign Trade, the minister noted that the cooling is a natural reaction to recent monetary tightening decisions.

“Our estimate is 3.9% this year [for growth in Russia’s GDP]. Despite indeed seeing a cooling of the economy at the end of the third and start of the fourth quarter, it is rather natural that it is reacting to the decisions reached [to tighten monetary policy] according to several signs, and we confirm the estimate [of 3.9% growth],” Reshetnikov said.