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| Russian central bank updates GDP and inflation forecasts | |
| (about 3 hours later) | |
| The country’s GDP is now expected to contract around 3% in 2022, versus the 6% projected earlier | The country’s GDP is now expected to contract around 3% in 2022, versus the 6% projected earlier |
| Russia's economic contraction is expected to be much smaller than previously thought, according to the latest report by the Central Bank of Russia (CBR). | Russia's economic contraction is expected to be much smaller than previously thought, according to the latest report by the Central Bank of Russia (CBR). |
| In an improved outlook issued on Friday, the regulator now sees the GDP declining by 3% to 3.5% this year, versus the previously projected 4-6% drop. In late April, it had expected GDP to shrink 8-10%. The central bank forecasts the economy returning to growth in 2024-25. | In an improved outlook issued on Friday, the regulator now sees the GDP declining by 3% to 3.5% this year, versus the previously projected 4-6% drop. In late April, it had expected GDP to shrink 8-10%. The central bank forecasts the economy returning to growth in 2024-25. |
| On Friday, the CBR also held its key interest rate at 7.5% after six cuts in a row, citing risks of higher inflation. “There is a balance between proinflationary and disinflationary risks over a short-term horizon. As to a medium-term horizon, proinflationary risks still dominate and have grown slightly since mid-September,” the regulator said. | On Friday, the CBR also held its key interest rate at 7.5% after six cuts in a row, citing risks of higher inflation. “There is a balance between proinflationary and disinflationary risks over a short-term horizon. As to a medium-term horizon, proinflationary risks still dominate and have grown slightly since mid-September,” the regulator said. |
| According to the report, annual inflation continues to “slow down gradually.” In September, growth in consumer prices decelerated to 13.7% in annual terms (after 14.3% in August) and declined further to 12.9%, as of October 21. | According to the report, annual inflation continues to “slow down gradually.” In September, growth in consumer prices decelerated to 13.7% in annual terms (after 14.3% in August) and declined further to 12.9%, as of October 21. |
| Despite the progressive decline, inflation expectations of households and businesses are high and have grown slightly, relative to the summer months, the CBR said. Analysts’ medium-term inflation expectations are anchored close to 4%, the regulator added. | Despite the progressive decline, inflation expectations of households and businesses are high and have grown slightly, relative to the summer months, the CBR said. Analysts’ medium-term inflation expectations are anchored close to 4%, the regulator added. |
| For more stories on economy & finance visit RT's business section | For more stories on economy & finance visit RT's business section |