31 Oct 2017 17:24

Good harvest to add 0.1-0.2 p.p. to annual GDP growth, economy to grow 1.7%-2.2% in 2017 - CBR

MOSCOW. Oct 31 (Interfax) - A good harvest will add 0.1-0.2 percentage points to Russian GDP growth in 2017, the Russia's Central Bank said in commentary on the economy.

The Central Bank expects GDP to grow 1.7%-2.2% in 2017 overall.

According to Central Bank estimates GDP growth slowed down to 1.8%-2.2% in Q3 in comparison to 2.5% growth in Q2 in annual terms. The Central Bank said this was shown in operating figures for the output of core goods and services which was lower in Q3 than in Q2.

The Central Bank believes that a moderately tight monetary policy will create conditions to strengthen inflation around 4% and will not form obstacles for economic growth. The regulator said that it would continue to gradually move toward a neutral monetary policy.