Cbank says FIFA hosting to boost Russia’s 2018 GDP by 0.1–0.2 pp

MOSCOW, Jun 29 (PRIME) -- Hosting of the FIFA 2018 World Cup can boost Russia’s gross domestic product (GDP) by 0.1–0.2 percentage points annually in April–June, the central bank said in a report published Friday.

The authority expects growth of the GDP to amount to 1.8–2.2% in April–June, to 1.1–1.6% in April–September and to 1.5–2.0% in 2018.

The authority also said that adjustment of the Federal State Statistics Service data on industrial output in 2016–early 2018 will not require changes in the central bank’s monetary policy.

“The Federal State Statistics Service has significantly revised upwards the industrial output data since 2016 till the beginning of 2018 mainly in investment goods and processing of raw materials,” the central bank said.

“The point forecast for the GDP in 2018 can rise in this context, however, it will most probably remain inside the forecasted range of 1.5–2%. The assessment of the economic activity impact on inflation dynamics in the forecasted range has not changed significantly.”

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