The Central Bank expects the Russian economy to grow in the second quarter of 2023 by 4.2% in annual terms. This is stated in the regulator’s report.
According to the Central Bank, in the first quarter, the decline in Russia’s GDP amounted to 2.3%. The Ministry of Economic Development gave an earlier estimate of a drop in the indicator of 2.2%.
The Central Bank also noted that the bulk of the processes of adapting the economy to new realities will be completed in 2025, investment activity will return to its long-term level, the Prime agency reports. Exports are expected to pick up and support output growth, while the contribution from household demand will decline.
Earlier, the Ministry of Economic Development forecast the Russian economy to grow by 2.8% in 2026. The main driver of growth will be the recovery of consumer demand under the influence of rising wages, noted the Department.
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