Central bank department: Economy can expand 4–5% in Jul–Sep

MOSCOW, Oct 14 (PRIME) -- The Russian economy could rise 4–5% on the quarter, seasonally adjusted, in July–September, the central bank's forecasting department said in a statement on Wednesday.  

"In accordance with the estimate based on the latest figures for July–September, economic growth can amount to about 4–5% (on the quarter) adjusted seasonally,” it said.

“Household consumption will be the key driver of recovery thanks to budget measures, the demand pent up during the restrictive measures, and a gradual emerging recovery of people's income."  

The weakening of the ruble will raise the prices in Russia for one or two quarters if the ruble remains unchanged, the researchers said. The ruble affects prices by 0.1 percentage points in September and 0.15 percentage points in October and November but the full effect can be seen after a lag.

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