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Russian GDP growth accelerates –

Russian GDP growth accelerates –

According to Census Bureau data, GDP rose by 5.4 percent compared to the first quarter of last year, which was the same as the Ministry of Economic Development's forecast and far exceeded last year's forecast of 4.6 percent. central bank.

Analysts had expected somewhat lower growth of 5.3 percent for the first quarter of this year after annual growth of 4.9 percent in the fourth quarter of last year.

Russia's GDP grew by 3.6 percent last year, after a 1.2 percent decline in 2022. In April, the Russian Central Bank changed its economic growth forecast for this year from 1-2 percent to 2.5-3.5 percent.

Also, according to statistics office data, the annual inflation rate in April rose to 7.8 percent from 7.7 percent in March, in line with analysts’ expectations. Monthly growth accelerated from 0.4% to 0.5%. Food prices rose by 0.49 percent on a monthly basis and by 8.33 percent on a yearly basis last month, and prices of non-food products rose by 0.41 percent in April and by 7 percent on a yearly basis. The increase in service prices amounted to 0.62 percent compared to March, and 8.12 percent compared to last April. In April, the Russian Central Bank raised its inflation forecast for this year to 4.3-4.8 percent from the previous 4-4.5 percent.

Cover image source: Getty Images

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