ST. PETERSBURG, July 1. /ITAR-TASS/. Russia’s Central Bank may revise upward its economic growth forecast for 2014, Central Bank Governor Elvira Nabiullina said on Tuesday.

“Both we (the Central Bank), the government and international institutions forecast economic growth that is not very high. We may review it upwards, if the economy demonstrates the corresponding indicators,” Nabiullina said.

“I don’t think growth will be much higher in 2014. To my mind, it will stay within 1%,” the Central Bank chief said.

Russia’s Central Bank said in mid-June it expected the Russian economy to slow down to 0.4% in 2014.

The regulator also earlier reported that economic growth was expected to accelerate slightly in the second half of 2014 amid a decrease in geopolitical tension and an improvement in producer sentiment.