Central Bank estimates Russian Q2 GDP growth at 4.4%, expects 3.2% in Q3, sees signs of slowdown in June-July

MOSCOW. Aug 7 (Interfax) - The Central Bank of Russia estimates GDP grew 4.4% year-on-year in Q2, following 5.4% growth in Q1 2024, the regulator said in a commentary to the medium-term macroeconomic forecast that it published at the end of July.

The Central Bank expects 3.2% year-on-year GDP growth in Q3 2024, slowing to 2%-3% in Q4.

In a summary of the key rate discussion published simultaneously on Wednesday, the Central Bank said GDP growth remained high in Q1-Q2, but the first signs of a slowdown emerged in June-July.