14 Mar 2024 10:20

CBR expects Russian economy to become less export-oriented as domestic demand grows

NOVOSIBIRSK. March 14 (Interfax) - The Russian economy will become less oriented toward exports amid the growth of domestic demand, the first deputy director of the Central Bank of Russia's monetary policy department, Andrei Gangan said at a communication session with businesses in Novosibirsk on Thursday.

"Russia's GDP in 2023 did not just recover, it also exceeded pre-crisis levels [...] The forecast for 2024 anticipates the further continuation of growth," Gangan said. GDP growth is being driven by the recovery of domestic demand, which has reached a maximum level, he said.

"The only component that is pulling cumulative GDP down and not letting it grow is net exports," he said.

"In the new reality we probably have a situation where the Russian economy has become less export-oriented," Gangan said. And foreign currency revenues have decreased accordingly, he said.