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Russian Central Bank stresses slow but steady economic growth has taken hold

March 16, 13:05 UTC+3

The growth slowdown in end-2017 was followed by acceleration in early 2018

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© Sergei Konkov/TASS

MOSCOW, March 16. /TASS/. Russia’s Central Bank has stated the trajectory of slow but steady economic growth, the regulator’s Research and Forecasting Department reported Friday, adding that the shift from moderately tough to neutral monetary policy may end this year.

"The expansion of economic activity continues. The growth slowdown in end-2017 was followed by acceleration in early 2018. Overall, one can say that the trajectory of slow but steady economic growth has taken hold," the report said. "The existing risk balance highlights the possibility of a quicker shift from moderately tough to neutral monetary policy, which may end this year," the report said.

Russia’s economic growth accelerated in early 2018 due to non-recurrent factors, which partially offset the slowdown in late 2017, the regulator said. "The current macroeconomic indicators and survey findings highlight continuing economic growth for the first half of 2018. Further on, the economy will be supported by the growth of domestic demand amid rising real wages and a steady growth of global economy," the report said.

Russia may also achieve a budget surplus this year: 

"In 2018, we expect a shift to budget surplus, and a return to growth of the National Wealth Fund and the total national debt compared with gross domestic product. Starting 2019, after consolidation is completed, the budget is no longer expected to curb GDP growth. That said, structural changes and improvements in efficiency of budget expenditures will be able to trigger economic growth," the report said.

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