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Russian economic activity in Q1 below forecast — Central Bank

Elvira Nabiullina noted that weather conditions had influenced construction dynamics

MOSCOW, March 20. /TASS/. The economic activity in Russia evolves in the first quarter of this year below the forecast of the Central Bank, Governor of the Bank of Russia Elvira Nabiullina said at the press conference after the Board meeting.

"The economic activity evolves below our forecast for the first quarter of 2026. However, it was influenced by the high base of the last year and the known seasonal factor - we had several working days less and weather conditions influenced construction dynamics: the cold winter had the construction volumes slowing down," Nabiullina said.

"As regards other flash indicators, not only from Rosstat [the Russian statistical agency - TASS] but PMI also, our business climate indicator shows weak growth of economic activity, differing by sectors and uneven. According to the forecast in general, we will update it in April, we reach 0.5-1.5 interest points so far," she added.