The Ministry of Economic Development explained why the growth of the national economy slowed down in June 2024.
The reason given was the smaller number of working days.
The calendar factor led to a reduction in economic growth from 4.5% to 3%, the Prime agency reports. In June, there were two fewer working days than in June 2023.
At the same time, the Ministry of Economic Development noted that in the first half of 2024, Russian GDP grew by 4.7%.
The Central Bank expects the national economy to grow by 3.5–4% by the end of this year. Previously, the regulator gave a different forecast, which spoke of 2.5–3.5%.
At the same time, inflation remains at a fairly high level. The Bank of Russia was forced to raise the key rate from 16% to 18%.
There are no precise forecasts yet about when the rate will be reduced. The Central Bank believes that such a decision will not be made in 2024.
Economists also calculated that real wages of Russians increased by 8.8% in May. The average wage was 86,384 rubles.
