Russian cbank upgrades Jul–Sep GDP growth outlook to 1.7-2.2%

MOSCOW, Aug 25 (PRIME) -- The central bank has improved its Russia’s July–September gross domestic product (GDP) forecast to a 1.7-2.2% growth from 1.5-1.8% projected earlier, the bank said in a report on Friday.

It also said that it can upgrade its GDP growth estimate for the whole 2017 from 1.3–1.8% expected earlier in September.

Economic activity in Russia will continue restoring in July-September and October-December although at a slower rate than in April-June, the regulator said.

The central bank has also increased its fixed capital investment forecast for July-September to 4-5% from 2.5-4%. It said that in April-June the indicator hit 6.3%, a record since April-June 2012, thanks to several large infrastructure projects including the Kerch Strait Bridge and the Sila Sibiri (Power of Siberia) pipeline.

The regulator also said that it sees no serious inflation acceleration risks in the short-term.

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