https://www.profitablecpmrate.com/ufrar3us5?key=52e130f31721ecaaed73af4cdc31ad05p
In 2024, President Vladimir Putin characterized the Russian economy as having a "very successful year," citing several key indicators:
Gross Domestic Product (GDP) Growth: Russia's GDP experienced an estimated growth of 4% in 2024, building upon a 3.6% increase in 2023. This growth is attributed to substantial state spending, particularly in the defense sector, which has stimulated various industries and increased domestic demand.
Budget Deficit: The federal budget deficit reached 1.7% of GDP in 2024. President Putin deemed this level acceptable, especially when compared to higher deficits in other developed economies.
Inflation and Interest Rates: Consumer prices rose by 9.52% in 2024, up from 7.42% in 2023, marking one of the highest inflation rates in the past 15 years. To combat this, the Central Bank maintained a benchmark interest rate of 21%, the highest in two decades.
Corporate Performance: Sberbank, Russia's largest lender, reported record annual profits of 1.56 trillion roubles ($15.22 billion) for 2024, a 4.6% increase from the previous year. This was driven by robust corporate borrowing and high interest rates.
Labor Market: The unemployment rate reached a record low of 2.6% in 2024, influenced by increased military recruitment and heightened demand in the defense industry.
While these indicators suggest a robust economic performance, underlying challenges persist. The economy faces potential overheating due to substantial military expenditures, leading to labor shortages and sustained high inflation. The long-term sustainability of this growth is uncertain, especially considering the heavy reliance on defense spending and the impact of international sanctions.
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