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Economic recession in Russia to be longer, less deep — Central Bank chief

GDP drop is predicted to be smaller in 2022 largely owing to more moderate contraction of exports

MOSCOW, July 22. /TASS/. The economic downturn in Russia will be stretched in time and probably less deep as forecast earlier, Governor of the Central Bank Elvira Nabiullina said at the press conference on Friday after the Board meeting.

"Coming data indicate that the economic recession will be more stretched over time and probably less deep," she said.

GDP drop is predicted to be smaller in 2022 largely owing to more moderate contraction of exports, Nabiullina said. This is related to redistribution of oil export to new markets. Import dynamics, on the contrary, fits expectations and started recovering after a significant decline, she added.