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Bank of Russia does not rule out upgrade of GDP outlook in October, says deputy governor

Earlier, the Central Bank projected GDP contraction by around 4% in 2022

MOSCOW, September 28. /TASS/. The Bank of Russia still admits an upgrade of its GDP outlook in October 2022, Deputy Central Bank Governor Alexey Zabotkin told a forum on Wednesday.

"Our July GDP outlook for this year may be upgraded as announced by (Central Bank) Governor (Elvira Nabiullina) compared with figures provided in July of (-4%) - (-6%). We fully revise outlook at (board) meetings, with the next scheduled for October 28," he said.

The July outlook may be upgraded as the dynamics of both output and final demand was better than expectations in the Russian economy in summer, particularly in July-August, Zabotkin explained.

Earlier, the Central Bank projected GDP contraction by around 4% in 2022. Economic Development Minister Maksim Reshetnikov said in early September GDP contraction would stand at 2.9% by the end of this year and slow down to 0.9% next year.

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