Nabiullina announced the growth of the Russian economy in the second quarter by 4.9%

In the second quarter of this year, Russia’s GDP grew by 4.9%, said Bank of Russia Chairman Elvira Nabiullina at a briefing.

“GDP in the second quarter grew by 4.9% y/y, such high growth rates reflect the economic recovery after the recession last year,” said the head of the Central Bank. She noted that the part of the economy that is focused on domestic demand has exceeded the level of the end of 2021.

Nabiullina also gave a forecast for the second half of the year. According to the regulator, growth rates during this period will be moderate. At the same time, the Russian economy may grow up to 2.5% this year, and by 0.5-1.5% next year.

In August, Rosstat preliminary assessed GDP dynamics in the second quarter of 2023, then also reported Vedomosti wrote about an increase of 4.9%. In the same month, the Ministry of Economic Development noted an increase in GDP of 4.6% over the same period.

In the summer, Russian President Vladimir Putin said that the rate of growth of the country’s economy this year has accelerated from month to month, so in 2023, according to his estimates, growth will completely cover last year’s decline. The President noted that if for the entire 2022 the country’s GDP decreased by 2.1%, then in January–May 2023 it increased by 0.6%.