Russia's economy grew by 4.1% in 2024, Russian Prime Minister Mikhail Mishustin told President Vladimir Putin on Friday, slightly better than an official forecast of 3.9%. The country's gross domestic product reached a record-high of 200 trillion roubles ($2.

Russia reported strong economic growth for 2024 on Friday as record spending on the military offensive against Ukraine outweighed the impact of Western sanctions. Before sending troops into Ukraine, Russia had faced almost a decade of sluggish growth and falling living standards -- suffering under sanctions and restrained domestic spending after Moscow annexed Crimea in 2014.

Russian President Vladimir Putin on Friday acknowledged that inflation remains a major “challenge” for the country’s economy and ordered the government to work on lowering it in 2025. Consumer prices in Russia rose by 9.

High inflation is the key challenge for the Russian economy in 2025, while the economic growth rate is expected to fall from 4.1% recorded last year, Prime Minister Mikhail Mishustin told President Vladimir Putin on Friday.

Russia's economy expanded by 4.1% in 2024, the country's prime minister said today, as surging military spending on the Ukraine offensive powered growth.