Federazione Russa Tasso di Crescita annuale del PIL

The Russian GDP expanded by 5.4% annually in the first quarter of 2024, in line with the flash estimate and slightly ahead of earlier market expectations of 5.3%, following the 4.9% increase in the final quarter of 2023. The acceleration extended the strong momentum for Russian output following last year’s rebound from the 2022 crash, triggered by Western sanctions following Russia’s invasion of Ukraine. Still, markets have placed doubts on the sustainability of such a rebound, as the expansion has largely relied on state-funded investment in arms and ammunition for its war effort, which are due to bring little return and hamper Russians’ living standards. Growth was carried by wholesale and retail trade (11.4%), manufacturing (9%), and construction (4.8%). In the meantime, the GDP deflator was at 13.4%, extending sharp inflationary pressure in the Russian economy and prolonging expectations of a hawkish CBR.