Russian Q3 GDP dynamics end up better than expected - CBR Dept head

Russian GDP dynamics in Q3 2023 were better than expected, but the official Russian Central Bank forecast remains unchanged, Alexander Morozov, director of the Bank of Russia's research and forecasting department said, Azernews reports, citing Interfax.

"I must note that the results of the third quarter, the GDP figures that Rosstat published, turned out better than expected," Morozov told reporters on the sidelines of the Investment 2024 - Ideas and Strategies in a Changing World conference.

In October 2023, the Central Bank raised Russia's GDP growth forecast for 2023 to 2.2-2.7% from 1.5-2.5% in September. The next key meeting of the Central Bank's Board of Directors on the key rate after which an updated macroeconomic forecast will be published, will be held on February 16, 2024.

"We'll wait and see. We are not changing the official forecast. Our next forecast round will be next year," Morozov said in answer to a question as to whether there is a possibility that GDP growth in 2023 will exceed 3%.

Earlier, Rosstat reported that Russian GDP growth in Q3 2023 reached 5.5% in annual terms, after a 4.9% increase in Q2 and a 1.8% decrease in Q1.

The official forecast from the Ministry of Economic Development from September assumes that Russian GDP will grow 2.8% in 2023. At the same time, Russia's Minister of Economic Development, Maxim Reshetnikov, recently stated that economic growth in 2023 would exceed this estimate, reaching 3%.