Crisis in Russian economy developing along flatter trajectory, signs of stabilization already apparent - Central Bank
MOSCOW. July 12 (Interfax) - The crisis in the Russian economy is developing along a flatter trajectory than was expected in the spring, and signs of the situation stabilizing are already apparent now, Kirill Tremasov, the Russian Central Bank's director of monetary policy, said.
"The crisis is developing along a smoother and flatter trajectory than it was expected to at the beginning of the spring. If we take April-May, relying on Rosstat data, we can conclude that the drop in GDP in these months did not exceed 3%-4% compared to the previous year. This is probably half as much as economists expected at the beginning of spring," Tremasov said on the What's the Price? program on the Central Bank's YouTube channel.
"We're clearly moving along a flatter trajectory. Moreover, we're already seeing signs of stabilization now," he said.
According to the Economic Development Ministry, Russia's GDP fell 4.3% year-on-year in May 2022 after falling 2.8% in April. Previous reports said GDP fell 3% in April.