Russian Central Bank estimates growth in GDP at 3.2% in Q3, expects 2%-3% in Q4

MOSCOW. Nov 6 (Interfax) - The Central Bank of Russia estimates that the country's GDP grew 3.2% in annual terms in Q3 after growth of 4.1% in Q2 and 5.4% in Q1, the regulator said in a commentary on the medium-term forecast as published on Wednesday and previously announced on October 25.

The Central Bank projects growth of 2.0%-3.0% in annual terms in Q4 2024 and just 0.5%-1.5% in Q4 2025.

As reported, the Economic Development Ministry has forecast Russia's GDP to grow 2.9% in Q3 2024.

The Central Bank in the commentary said that the current slowdown in economic growth in the third quarter is mainly "associated with raising restrictions on the supply side."