The Bank of Russia predicted GDP growth in the II quarter by 4.2%
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The Bank of Russia expects GDP growth of 4.2% in the second quarter of 2023 after a decline of 2.3% at the beginning of the year, should from the regulator’s monetary policy report.
Such indicators are associated with a high level of consumer and investment activity, which was recorded in the first quarter. It is assumed that by 2025 the GDP growth rate will be 1.5-2.5%.
In 2023, the greatest contribution to the economic recovery will be made by household demand, which will decline later, although it will remain high until the end of 2025, the Central Bank added. Analysts expect that by this time exports will be restored, it will also contribute to output growth.
Inflation in the second quarter of 2023 is expected at 3.6%, and by the end of the year it may reach 4.5-6.5%. In 2024, inflation will reach a plateau.
At the end of April, annual inflation slowed down up to 2.6%. This was announced on May 4 by the Minister of Economic Development Maxim Reshetnikov during a working meeting with Russian President Vladimir Putin. Later Ministry of Economic Development published data with inflation at 2.42%. In March, inflation in Russia amounted to 3.5%. The decline in Russia’s GDP in March slowed to 1.1% in annual terms from 2.9% in February, reported earlier in the Ministry of Economic Development. According to the results of the first quarter of 2023, the country’s GDP decreased by 2.2%.
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