The growth rate of Russia's GDP in January amounted to 4.6% YoY against 4.4% YoY in December 2023, according to data from the Ministry of Economic Development of Russia. At the same time, it is noted that by the level of the same month in 2022, GDP increased by +1.9% (in December 2023, the increase in the indicator was 2.3%).
It is noteworthy that earlier the IMF improved its forecast for the growth of the Russian economy in 2024 from 1.1% to 2.6%. Meanwhile, the Ministry of Economic Development expects that the country's GDP growth rate will be above 2% per year in the coming years, as stated by the head of the department Maxim Reshetnikov.
Unemployment in Russia
Unemployment in Russia fell to 2.9% in January this year, returning to the historically low indicator of October-November last year, according to Rosstat data. In December, unemployment was 3%.
"In January 2024, 2.1 million people aged 15 and over were classified as unemployed (in accordance with the methodology of the International Labour Organization). The unemployment rate of the population aged 15 years and older in January 2024 was 2.9%," the statistical office reported.
The number of workers aged 15 and over in January amounted to 75.4 million people, of whom 73.2 million were classified as engaged in economic activity and 2.1 million as unemployed, meeting the ILO criteria.
Industrial development in Russia
Industrial production growth accelerated to +4.6% YoY in January, which is higher not only in December (+2.7% YoY), but also in November 2023 (+4.5% YoY), according to the Ministry of Economic Development of the Russian Federation.
Compared to the level of two years ago, the growth was +1.6% after +0.4% in December last year. It is noted that the improvement in dynamics is primarily due to the recovery of growth rates in the manufacturing sector.
Natural gas production in Russia in January 2024 increased by 6.8% compared to the same month last year, and amounted to 55.7 billion cubic meters, Rosstat reported.
Coal production increased by 1.7% to 35.3 million tons.
As noted in the report of the Ministry of Economic Development, in general, the mining sector in January 2024 entered a positive area for the first time since June 2023: +0.8% in annual terms after -1.1% in December.
The mechanical engineering industry showed a significant increase in growth rates in January: +28.3% in annual terms. Almost all sectors of the industry grew at double-digit rates: production of computer and electronic equipment (+54.6%), automotive production (+50.2%), other vehicles (+12.9%), electrical equipment (+11.7%), machinery and equipment not included in other groups (+8.0%).
The growth in output of the metallurgical industry accelerated to 4.9% in January after 2.8% a month earlier. At the same time, metallurgical production showed positive dynamics after a decrease a month earlier (+0.1% after -0.5%). The chemical industry grew by 6.8% in January.
The volume of wholesale trade increased by 9.1%. Agricultural output decreased by 0.2% in January after rising by 5.5% in December.
