Russia’s Economy Expands 2.3%

February 04, 2019 at 4:48 PM

Russia’s gross domestic product expanded by 2.3% in 2018, up from 1.6% the year before, according to government data bureau Rossat.

Last year’s growth topped estimates by Russia’s economy ministry and the International Monetary Fund, which expected no more than a 0.2-point gain last year.

Rossat says Russia’s GDP rose to 103.6 trillion rubles ($1.6 trillion) in 2018, as growth in the construction and hospitality sectors offset the impact of U.S. economic sanctions.

President Vladimir Putin has said he aims for a 4% annual growth rate in GDP through 2024, notes French news service AFP. It adds that Russia’s central bank has predicted an average expansion of 2% per year through 2020.