Russian GDP increased by 4% in the second quarter — less than in the first (5.4%), but still more than in Europe, La Tribune analyzes new Rosstat data. Such figures allow the Kremlin to boast that it has managed to offset the effect of Western sanctions.

The main engine of the Russian economy in the last two years has been military spending. According to Putin, in 2024 the total budget for defense and security will amount to 8.7% of GDP. In May, the Ministry of Defense was headed by economist Andrei Belousov, who faces the task of optimizing huge spending on the army.

According to Eurostat, GDP growth in Europe was slightly higher than expected and reached 0.6%. Since the beginning of the year, the EU countries have overcome last year’s stagnation: GDP steadily adds 0.3% every quarter.

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