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Bank of Russia does not expect negative GDP figures for Q2 due to fuel situation

An updated medium-term macroeconomic forecast will be released at the meeting of the regulator’s Board of Directors on July 24

ST. PETERSBURG, July 3. /TASS/. The situation in the fuel market will impact Russia’s GDP in the second quarter of this year, but no negative figures are expected, Central Bank Deputy Governor Alexey Zabotkin said.

"The reduction in intake in the fuel sector will, of course, be reflected in the Q2 figures," he told reporters.

Asked whether GDP could turn negative in the second quarter, Zabotkin said: "I don't think so."

An updated medium-term macroeconomic forecast will be released at the meeting of the regulator’s Board of Directors on July 24, he noted.

"The forecast will be updated in July, taking into account all the parameters included in it," the official said.

At the same time, Zabotkin did not rule out a revision of the key rate forecast trajectory in July. "I think there will be a change to the key rate forecast at the July meeting. How significant that change will be will depend on the calculations and the results of the Board of Directors’ discussion, considering all the information available to it at the time of the July meeting," he said.