The Bank of Russia has raised its forecast for Russia's GDP growth in 2024 to 2.5-3.5%. This is stated in the regulator's message following the meeting of the Board of directors of the Central Bank, at which the key rate was maintained at 16%.
Operational indicators indicate that in the first quarter of 2024, the economy continues to grow faster than predicted, the regulator emphasizes.
Consumer activity remains high against the background of significant growth in household incomes and confident consumer sentiment. Business surveys indicate that investment demand remains high. The upward deviation of the Russian economy from the trajectory of balanced growth remains significant.
According to the Central Bank, the main limitation for expanding the output of goods and services remains the shortage of labor resources, which has increased in most industries.
