Russia: GDP growth exceeds forecasts.

Russia's GDP grew by 5% in the first five months of 2024, significantly higher than forecasts. Russian Prime Minister Mikhail Mishustin announced this information at a meeting on economic issues on July 12th.

Exterior view of the Moscow International Trade Center in Moscow, Russia. (Illustrative photo: AFP/VNA)

He stated that growth momentum remains strong. In May, growth increased slightly compared to April, reaching 4.5%. And if we look at the statistics for the first five months, GDP increased by 5% compared to the same period in 2023. This growth rate is higher than forecast, despite external obstacles and blockades affecting the Russian economy.

According to Mr. Mishustin, the figures in the real economy are also positive. From January to May, the manufacturing sector grew by almost 9%. He cited machine building as one of the key drivers in this sector with double-digit growth. The Russian Prime Minister emphasized that it is very important for investment to continue to increase, laying a good foundation for the future. By the end of the first quarter, investment had increased by almost 15%, mainly in the areas of machinery, equipment, and intellectual property. In addition, he said, the sectors have become more active in investing in the development of companies.

The head of the Russian government added that consumer activity is very high, mainly due to increased incomes. However, this has also led to rising inflation. Specifically, from the beginning of the year to July 1st, inflation rose to 4.5%. He emphasized that the issue of inflation needs to be addressed continuously because people's living standards depend on it. He requested close monitoring of the macroeconomic situation and, if necessary, immediate adjustments to the action plan on inflation in coordination with the Central Bank of Russia.

In a related development, Kremlin spokesman Dmitry Peskov stated on July 12 that Russia does not rule out any scenario regarding the possibility of resuming the Black Sea grain agreement. He emphasized that Russian President Vladimir Putin has repeatedly affirmed his readiness for dialogue. However, any agreement on grain must be reached within the framework of a package of issues in the context of the current situation.

Peskov's statement comes as Turkish President Tayyip Erdogan discussed maritime security in the Black Sea, including the grain agreement, with Ukrainian President Volodymyr Zelensky on July 11.

Source: https://baolaocai.vn/nga-gdp-tang-cao-hon-du-bao-post386882.html