Central Bank revises 2019 GDP outlook down to 1.0-1.5%

TASS Russian News Agency | Jun 14, 2019 at 11:48 AM

/Update/

MOSCOW, June 14. /TASS/. Domestic GDP growth outlook has been revised downward from 1.2-1.7% to 1.0-1.5% in 2019. Economic growth rates can accelerate further on as National projects are implemented, the Bank of Russia said after its Board meeting on Friday.

"Taking into account GDP growth statistics for 2018 -- 2019 Q1 published by Rosstat [Russian statistical agency - TASS], the Bank of Russia lowered its GDP growth forecast for 2019 from 1.2-1.7% to 1.0-1.5%. Subsequent years might see higher economic growth rates as national projects are implemented," the regulator reports.

The Bank of Russia made a decision earlier today to lower the key rate to 7.5% per annum, for the first time since March 2018.