Cbank says consumer demand key driver of GDP rise in April–June

MOSCOW, Aug 26 (PRIME) -- Consumer demand was the main growth driver of the Russian economy in April–June, the central bank said in a statement on Monday.

“According to a preliminary estimate by the Federal State Statistics Service, annual growth of the gross domestic product (GDP) accelerated to 0.9% in the second quarter of 2019,” the central bank said.

“This corresponds to a 0.5–1.0% range forecast by the central bank. According to the estimates, consumer demand remained the key source of growth. Acceleration of the GDP rise was due to a smaller decrease of the gross core capital saving as compared with the previous quarter.”

The central bank earlier admitted that according to a poll, consumer lending expands thanks to the people who already have loans, and the authority introduced additional debt control measures from October 1.

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