Cbank says Russia’s annual GDP growth rises to 0.5–1% Apr-Jun

MOSCOW, Jul 30 (PRIME) – Russia’s gross domestic product (GDP) grew to 0.5–1% in April–June, and will speed up to 0.8–1.3% in July–September thanks to national projects and expanding government investment, the central bank said in a research note on Tuesday.

“In June, economic activity advanced, including better consumer demand and industrial production, which, however, may be temporary. Investment activity indicators were still unstable,” the regulator said.

In 2018, President Vladimir Putin signed a decree on Russia’s national goals and strategic development tasks till 2024 in which he ordered the government to ensure the country’s entry into the top five of global economies, a higher than global rise of the national economy, and inflation not exceeding 4%.

Earlier in 2019, the government estimated spending on national projects, including expansion of major infrastructure, environmental protection, healthcare and digital economy, at 25.7 trillion rubles from 2019 through 2024.

(63.5210 rubles – U.S. $1)

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