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Bank of Russia admits country’s real GDP by end of 2023 close to 2021 levels

According to Alexey Zabotkin, the current GDP dynamics is "not closer to the upper, but is in its upper range value"

ST. PETERSBURG, July 6. /TASS/. Russia’s Central Bank admits that the level of the country’s real GDP by the end of this year may be close to that of 2021, the regulator’s Deputy Governor Alexey Zabotkin told reporters.

"Last year GDP contraction equaled 2.1%, at last count by Rosstat, the outlook range is 0.5-2%. This roughly brings GDP to the stationary level of 2021, which means if the result is in the upper April range value real GDP by the end of 2023 in fact will be close to that in 2021," he said.

The current GDP dynamics is "not closer to the upper, but is in its upper range value," Zabotkin added.

Central Bank Governor Elvira Nabiullina said earlier that the regulator projected GDP dynamics by the end of this year closer to the ceiling of the projected range of 0.5-2%.

According to the revised outlook on Russia’s social and economic development, GDP growth is expected at 1.2% this year and 2% in 2024.

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