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Russia’s GDP to shift to steady recovery in 2H 2023, Bank of Russia says

Earlier, the Bank of Russia expected GDP contraction at a level closer to 4% in 2022

MOSCOW, October 3. /TASS/. The bottom of Russia’s GDP contraction will be reached in the first half of 2023, after which a steady recovery is expected, Deputy Central Bank Governor Alexey Zabotkin said addressing the Federation Council (upper house) on Monday.

"We suggest that the bottom of GDP contraction will be reached in the first half of 2023, after which the process of steady recovery of the economic activity will start," he said.

Zabotkin confirmed again the regulator’s intention to upgrade its GDP dynamics outlook for 2022 at the next meeting of the board of directors in October.

Earlier, the Bank of Russia expected GDP contraction at a level closer to 4% in 2022. Economic Development Minister Maksim Reshetnikov said in early September that GDP contraction would equal 2.9% by the end of the year and slow down to 0.9% next year.

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Central Bank of Russia

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