Russian economy grew to $2.4T in 2024, says premier

By Emre Gurkan Abay and Gokhan Ergocun

MOSCOW (AA) - The Russian economy reached a size of 200 trillion rubles ($2.37 trillion) in 2024, growing six times faster than Europe, Prime Minister Mikhail Mishustin said on Wednesday.

Saying the driving force behind economic growth is domestic demand, Mishustin said in the Russian lower chamber of parliament, the State Duma, that fixed capital investments last year rose 7.5%.

Mishustin also said Russians’ disposable income shot up 8.5% in 2024, while the unemployment rate fell to its lowest level in history.

Stating that the economy has grown twice as fast as the world average in the last two years, Mishustin said: “Russia is among the four largest economies in the world in terms of purchasing power parity.

"Our economy grew 4.1% last year. Our growth in two years has exceeded Europe’s almost sixfold. "