Central Bank keeps Russian GDP growth forecast for 2025 at 1.0-2.0%, 2026 forecast at 0.5-1.5%

MOSCOW. July 25 (Interfax) - The Central Bank of Russia has kept its forecast for Russian GDP growth in 2025 at 1.0-2.0%, according to its medium-term forecast, published following the board meeting at which the key rate was lowered to 18% from 20%.

The forecasts for Russian GDP growth in 2026 also remained unchanged compared to the April forecast, at 0.5-1.5% and in 2027 - 1.5-2.5%. The Central Bank expects the Russian economy to grow 1.5-2.5% in 2028.

"The upward deviation of the Russian economy from a balanced growth path is narrowing," the Central Bank said in its rate decision commentary.

"High-frequency data, including those for 2025 Q2, and survey indicators show a further slowdown in domestic demand growth with continued moderate growth of economic activity in general," it said.