MOSCOW, November 7. /TASS/. The Bank of Russia estimated Russia's GDP growth in the Q3 at 5.1% in annual terms, the regulator said in its monetary policy report.

According to the report, in the Q4 the Bank of Russia expects GDP growth to slow down to 1.5% in annual terms.

"GDP growth in the third quarter exceeded forecasts, according to our projections and current data on economic activity. The main driver was investment demand, which was fueled mostly by government spending," Governor of the Bank of Russia Elvira Nabiullina was quoted in the report.

According to the forecast of the Bank of Russia, taking into account actual data for the first half of the year and operational indicators for the Q3, the GDP growth rate in 2023 will be 2.2-2.7%. In 2024-2025 growth rates will be more moderate. In 2026, the Russian economy will return to a trajectory of balanced growth of 1.5-2.5%.