Bank of Russia improves forecast for 2021 on Russia's GDP growth to 4-4.5%

Bank of Russia improves forecast for 2021 on Russia
# 23 July 2021 16:53 (UTC +04:00)

The Bank of Russia improved the forecast for 2021 for Russia's GDP growth from 3-4% to 4-4.5%, the regulator said on Friday, APA reports citing TASS.

"Taking into account the situation in the Russian and global economy as well as the July OPEC+ decision to expand oil production, the Bank of Russia forecasts Russian GDP growth of 4.0-4.5% in 2021. According to the Bank of Russia’s forecast, in 2022-2023, the Russian economy will grow 2.0-3.0% annually," the regulator said.

Earlier, the Bank of Russia expected GDP growth in 2022 at the level of 2.5-3.5%.

According to the regulator, "Economic activity. According to the Bank of Russia’s estimates, the Russian economy reached its pre-pandemic level in 2021 Q2. High-frequency indicators point to steady growth of consumer and investment demand. As estimated by the Bank of Russia, consumer activity has already exceeded its pre-pandemic levels. Despite a partial tightening of restrictions, the household services sector continues to recover actively".