MOSCOW, June 14 (Reuters) - Russia's gross domestic product (GDP) growth in the first quarter was confirmed at 5.4% compared with the same period last year, when it contracted by 1.6%, the state statistics service said on Friday.
The Bank of Russia sees GDP growth slowing to 4.4% in the second quarter as a result of tight monetary policy.
The economy ministry forecasts growth in 2024 at 2.8%, and the Central Bank in the range of 2.5-3.5%. The most optimistic forecast was given by Finance Minister Anton Siluanov, who predicted in April that GDP would expand by 3.6% this year, the same as in 2023.
Russia's rebound from a 2022 slump relies heavily on large-scale government spending on arms production as Moscow prosecutes its war in Ukraine.
The International Monetary Fund in April raised its 2024 forecast for Russia's GDP growth to 3.2% from 2.6%, pointing to high oil export revenues as well as strong government spending and investment related to the war. (Reporting by Darya Korsunskaya; Editing by Mark Trevelyan)
