Central Bank expects Russia's GDP to grow around 1% in 2026; data indicate acceleration going forward - CBR governor

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The Central Bank of Russia expects GDP to grow around 1% this year, with the pace of growth set to increase gradually going forward, Central Bank Governor Elvira Nabiullina said.…

MOSCOW. Nov 12 (Interfax) - The Central Bank of Russia expects GDP to grow around 1% this year, with the pace of growth set to increase gradually going forward, Central Bank Governor Elvira Nabiullina said.

"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 despite the loss of production capacity in certain sectors owing to attacks. Were it not for this factor, economic growth would of course have been higher this year," Nabiullina said at the State Duma.

Nabiullina 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, noting that much depends on the timeframe for restoring production facilities damaged by attacks.

"The government and the business community are doing everything possible to restore and protect these facilities as quickly as possible. Lawmakers raised the question of how the Central Bank could assist in these protection efforts, given that they require significant investment. We have implemented targeted adjustments to banking regulations to incentivize banks to provide loans for protecting production facilities and infrastructure against attacks," Nabiullina said.

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