Central bank expects Russian GDP to fall 7% in July–September

MOSCOW, Aug 1 (PRIME) -- The Russian economy will shrink by 4.3% in April–June and by 7% in July–September, the central bank said in a report on Monday.

"According to the forecast of the Central Bank of Russia, the gross domestic product (GDP) will fall by 4–6% in the whole of 2022, which is somewhat better than the April estimate (8–10%). The annual fall will remain until the middle of 2023, this is why a decline of 1–4% will be seen at the end of 2023," the authority said.

Annual inflation can decelerate to 14.6% by October from 15.3% as of July 22. Inflation is to persist at 14.6% as of the end of September.

The central bank also maintained the neutral key rate estimate at 5–6%, although there are factors favoring its change both upward and downward. 

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