The Central Bank reported that Russia’s GDP growth is moving towards the upper half of the forecast of 0.5-2%
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Russia’s GDP growth in the first quarter and, according to preliminary estimates, in the second quarter of 2023 is approaching 2%, said Kirill Tremasov, Director of the Monetary Policy Department of the Central Bank of the Russian Federation.
“It can be seen that in the second quarter, high business activity remains, and the economy continues to grow. Most likely, the second quarter will be characterized by high growth rates,” explained Mr. Tremasov (quoted from “RIA News”).
According to him, according to the official forecast of the Central Bank of Russia, the country’s GDP will grow by 0.5-2% by the end of the year. He clarified that “most likely, GDP will tend to the upper limit” of this forecast.
On June 7, during the St. Petersburg Economic Forum, Russian President Vladimir Putin declaredthat by the end of 2023, Russia’s GDP may increase by 1-2%, despite the slowdown in the global economy. At the same time, the Ministry of Economy of the Russian Federation expects that GDP growth in 2023 may exceed 1.2%.
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