The Central Bank of Russia expects GDP to grow around 1% this year, with the pace of growth set to increase gradually going forward, Russia's Central Bank Governor Elvira Nabiullina said at the State Duma.
"As you can see, the situation varies across different sectors, though the economy overall has moved onto an upward trajectory in the second half of the year. We expect GDP to grow approximately 1% this year," Nabiullina said.
She said that the machinery manufacturing, including the defense-industrial complex, as well as rising household incomes and consumption, have particularly supported growth, which in turn has fueled growth in retail trade and many other sectors geared toward domestic demand.
"The latest data suggest that the pace of economic growth will gradually increase going forward," Nabiullina said.
According to her, the Central Bank implemented targeted adjustments to banking regulations to incentivize banks to provide loans for protecting production facilities and infrastructure.
