15 Sep 2023 15:43

Growth rate of Russian economy in H2 will be more moderate - Nabiullina

MOSCOW. Sept 15 (Interfax) - The Bank of Russia expects economic growth in H2 2023 to be more moderate, Central Bank Governor Elvira Nabiullina said during a press conference on Friday.

"GDP in Q2 grew 4.9% YoY. Such high growth rates reflect the recovery of the economy after the recession last year. At the same time, according to our estimates, the part of the economy that is focused on domestic demand has generally exceeded the level of the end 2021," Nabiullina said.

"We expect that in H2, the growth rate will be more moderate. And this is natural after a period of rapid recovery growth," she added.

The Bank of Russia on Friday maintained its forecast for Russian GDP growth in 2023 at 1.5-2.5%. The Central Bank also lowered the upper limit of the interval forecast for GDP growth in Russia in 2024 to 0.5-1.5% from 0.5-2.5% in the July version.