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Russia's GDP continues to grow in Q3 — Bank of Russia

According to the experts, "judging by current data, in September the Russian economy received a new growth boost, partly related to the increased ruble revenue of exporters"

MOSCOW, October 17. /TASS/. Russia's GDP continued to grow confidently in the Q2 of 2023, receiving a new boost in September partly due to an increase in exporters' ruble revenues, according to the Bank of Russia.

"Current indicators of the dynamics of basic sectors of the economy and survey indicators indicate continued strong GDP growth in the third quarter after the economy reached its potential level in the second quarter," the regulator said.

According to its experts, "judging by current data, in September the Russian economy received a new growth boost, partly related to the increased ruble revenue of exporters." At the same time, domestic demand is also being boosted by the aggressive expansion of corporate and retail lending.

The regulator also noted that returning to target inflation against the backdrop of stimulating fiscal policy in 2024 may necessitate additional monetary policy tightening. "Decisions already made on monetary policy will lead to a gradual slowdown in inflation processes in the coming months and quarters. Returning inflation to target in 2024 under stimulating fiscal policy may necessitate additional monetary policy tightening," the regulator said.

At the same time, Bank of Russia experts noted that the annual inflation estimate rose to 6.3% as of October 9. "In recent weeks, price growth has followed the high 2021 trajectory. If monthly price growth remains close to it until the end of the year, inflation may exceed the Bank of Russia's current forecast," the regulator said.

Experts from the regulator believe that the Bank of Russia’s monetary policy decisions will encourage a gradual increase in savings in a way to restore demand growth to a pace that corresponds to the possibilities for expanding supply.

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