Russia’s economy picks up early this year on multiple factors

Rate-setters were particularly surprised by the resilience of consumers, supported by an increase in household incomes and borrowing. — Bloomberg

MOSCOW: Russia’s economy accelerated at the start of the year on the back of strong consumer demand, investment and exports, as the country continues to weather the impact of sanctions following its invasion of Ukraine.

Despite signs growth was slowing at the end of last year, the economy picked up in the early months of 2024, according to a Monday statement by the Bank of Russia summarising its decision to hold rates at last month’s meeting.