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Russia’s GDP growth rate to reach 1.5-2% in 2018-2020 — Central Bank

March 23, 15:02 UTC+3 MOSCOW

According to the Central Bank, in January- February, the annual industrial production growth returned to the positive territory

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MOSCOW, March 23. /TASS/. The growth rate of Russia’s GDP, according to the Central Bank, will reach 1.5-2% in 2018-2020, the regulator said on Friday after the meeting of the Board of Directors.

"The Bank of Russia’s general perceptions of the Russian economy’s growth have remained unchanged. The Bank of Russia has slightly raised the oil price in its baseline scenario. However, it has not entailed any significant review of the Russian economy’s growth rate in the medium term due to its decreased sensitivity to oil price changes and remaining structural constraints. In 2018-2020, GDP will grow by 1.5-2%, which corresponds to the potential growth rate of the economy," the regulator said.

According to the Central Bank, "In January- February, the annual industrial production growth returned to the positive territory. The period also saw a continued growth in investment. The recovery in consumer demand is supported by rising real wages and expanding retail lending."

It was reported earlier that the Russian Central Bank lowered the key rate to 7.25% per annum from 7.5% one and a half months after the previous cut.

"Annual inflation remains sustainably low. Inflation expectations are diminishing progressively. The Bank of Russia forecasts annual inflation to be 3-4% in late 2018 and remain close to 4% in 2019. In this environment the Bank of Russia will continue to reduce the key rate and will complete the transition to neutral monetary policy in 2018," the regulator said in a statement.

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