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Russian GDP to add 2-2.2%

January 31, 2014, 16:44 UTC+3 MOSCOW

Sberbank’s growth would outperform that of the market

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MOSCOW, January 31. /ITAR-TASS/. Russia’s largest bank Sberbank estimates Russian GDP growth this year at about 2-2.2%, Deputy Chairman of the bank’s board, Alexander Morozov, told journalists on Friday.

Inflation was expected at about 5.5% and the oil price — at more than $100 a barrel, he added. The bank forecasts 11-12% growth of the banks’ corporate loan portfolio, while retail portfolio is expected to add 20-25%. Retail deposits are estimated to expand 18-19%.

Sberbank’s growth would outperform that of the market, Morozov added.

As reported earlier, Deputy Chairman of the Board at the Bank of Russia Mikhail Sukhov estimates that Russian banks’ corporate loan portfolio will increase by more than 10% in 2014, while retain portfolio will add less than 25%. His forecast for retail deposits’ growth is about 19%.

Ministry of Economic Development’s official projections for GDP growth and inflation this year are 2.5% and 4.8% respectively. The CBR expects inflation at 5%.

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