Russian economy to grow in Q2, central bank says - Breaking The News

Russian economy to grow in Q2, central bank says

11 May

1 min read

EPA-EFE/MAXIM SHIPENKOV

The Russian Central Bank (CBR) predicted in a report published on Thursday the country's gross domestic product (GDP) will grow by 4.2% in the second quarter of the year in contrast with the contraction of 2.3% observed in the first one.

In the entire 2023, the CBR projected GDP will expand by between 0.5% and 2.0%. The annual inflation was estimated to land below the target of 4% in the second quarter. The CBR reiterated that inflation should come in at between 4.5% and 6.5% at the end of 2023 and then go below 4% in 2024.

The CBR recently decided to leave its key interest rate unchanged at 7.50% as the economic activity in the country is "growing faster than expected."

central banks inflation gdp

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