Russian economy growing moderately in Q3, growth in consumer demand slowing down, but remains high - CBR

MOSCOW. Sept 11 (Interfax) - The Russian economy continues to grow at a moderate rate and growth in consumer demand, though slowing down, remains high, and investment activity is recovering compared with the beginning of the year, the Central Bank of Russia said in a statement published following its key rate meeting, at which the board of directors voted to hold the rate at 14%.

"According to preliminary data, the economy is growing at a moderate rate in the third quarter," the CBR wrote.

"Growth in consumer demand is slowing but remains elevated. Investment activity continues to recover compared to the levels of early 2026," the press release reads.

As reported, the Russian Economy Development Ministry estimated that Russia's GDP grew 0.6% year-on-year in July 2026, versus 1.7% in June, revised up from 1.1%, 0.5% in May, revised from 0.3%, 1.6% in April, revised from 1.3%, and 1.9% in March. It decreased 0.9% in February and 1.6% in January. In January-July 2026, the ministry estimated that Russia's GDP grew 0.6%.

In May, the Economy Development Ministry lowered its forecast for Russia's GDP growth in 2026 to 0.4% from the 1.3% which it predicted in September 2025. Economy Development Minister Maxim Reshetnikov said at the Eastern Economic Forum in early September that the ministry now predicted GDP growth at 0.6% in 2026 and would present its revised forecast in mid-September.

In July, the CBR lowered its 2026 GDP growth forecast to 0%-1% from 0.5%-1.5% in the previous April version. The bank will present a revised forecast in October.

Analysts surveyed by Interfax in early September expect Russia's GDP to grow 0.5% this year.