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Russian Central Bank Chief: Economic growth rates to stabilize at 1.5-2%

April 05, 11:08 UTC+3

High oil prices within up to $60 per barrel range will not contribute more than 1 percentage point to GDP growth, the bank's chief says

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Russian Central Bank Chief Elvira Nabiullina

Russian Central Bank Chief Elvira Nabiullina

© Stanislav Krasilnikov/TASS

MOSCOW, April 5. /TASS/. Russia’s economic growth rates will stabilize at the level of 1.5-2% even if the oil price goes down, Central Bank Chief Elvira Nabiullina said Wednesday.

"The potential economic growth (rates) amount to 1.5-2% if there are no structural transformations. How fast we will reach this potential growth rate (level) depends on the oil price, growth may be faster, but whatever the price of oil, without structural transformation we’ll stabilize at the economic growth level of 1.5-2%," she said.

High oil prices within up to $60 per barrel range will not contribute more than 1 percentage point to GDP growth, she added. 

"The dependence of Russia’s economic growth rates on the oil price is not very high. A high (oil) price within the range of $40 and $60 (per barrel) will add around 1 percentage point to the growth, not more," she said.

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