Russian economic growth hits 5.4% –The economy expanded in the first quarter despite Western sanctions, according to the national statistics service | 19 May 2024 | Russia’s gross domestic product (GDP) grew by 5.4% year-on-year in the first quarter of 2024, the state statistics agency Rosstat said in a preliminary report published on Friday. According to the estimates, Russia saw robust growth in retail turnover (up 10.5%), manufacturing (up 8.8%) and construction (3.5%) in January-March. The Rosstat data aligns with an earlier estimate from the Economics Ministry, but exceeds that of the Bank of Russia (4.6% growth) and analysts’ expectations (5.3%). The agency is due to publish more detailed data on GDP in mid-June.