12 Aug 2022 16:05

Russian GDP decline to bottom out in first half of 2023 - Central Bank Deputy Governor Zabotkin

MOSCOW. Aug 12 (Interfax) - The lowest point in the decline of Russia's GDP will be passed in the first half of 2023, Russian Central Bank Deputy Governor Alexei Zabotkin said at a press conference of Friday.

Such a forecast is contained in the Central Bank's draft Monetary Policy Guidelines for 2023 and the period 2024-2025 published on Friday.

"This decline is connected in substantial measure to a decline in potential output," Zabotkin said.

"The economy will move toward a new long-term equilibrium," he said.

"Growth will resume as the economy is restructured. GDP growth in annual terms will total from 1% to 2.2% in the fourth quarter of 2023 compared to the fourth quarter of 2022. Although there will be a decline in 2023 on the whole due to the high comparative base of the first half of the year," Zabotkin said.