Dynamics and structure of GDP and investments in 2024

In 2023–2024, the Russian economy demonstrated a high potential of adaptation to restore growth in the domestic and external markets in the new formats of sanctions and infrastructure restrictions in the real and financial sectors. Positive GDP dynamics was recorded for seven quarters of the last two years. The acceleration of GDP growth in 2023 to 104.1% fully compensated for the previous year’s decline and was supported by a 9.8% increase in fixed capital investment, 3.8% in government spending and 7.5% in household final demand. Starting conditions in 2024 were characterized by a 5.7% growth in production in 2023 of basic economic activities, 4.3% in industrial production and 9.3% in construction relative to the corresponding period of the previous year. Under the pressure of political and economic restrictions, the initial state of the domestic market in 2024 was determined by the change in the contribution of net exports to GDP to 4.2% in 2023 vs. 12.6% of GDP in 2022 (according to the SNA methodology in current prices), with the volume of foreign trade in goods decreasing by 16.3% and against the growth by 9.2% a year earlier(according to the balance of payments methodology). The dynamics of the domestic economy growth in 2024 was influenced by the factors of active structural changes in the domestic and external markets.