Russian GDP growth closer to lower bound of Central Bank's 2025 forecast - Nabiullina

MOSCOW. Sept 12 (Interfax) - Russian GDP growth in Q2 2025 was below the Central Bank of Russia's estimates and current growth is closer to the lower bound of the 2025 forecast of 1.0%-2.0%, Central Bank Governor Elvira Nabiullina told a press briefing.

"GDP dynamics were somewhat lower than our estimates in the second quarter. Overall, we are currently closer to the lower limit of the output forecast for this year [1%-2%]," she said.

"Nevertheless, the sectors focusing on domestic demand have continued to expand, whereas export-oriented industries were rather contracting," she said.

"This is the result of both lower prices in international commodity markets and the restrictions on Russian producers' access to some global markets," she said.

Domestic demand continues to expand moderately. "We expect that companies' investment will grow this year, although less significantly compared to the record highs of 2023-2024," Nabiullina said.

The Central Bank in July kept its April forecast of 1.0%-2.0% GDP growth for the year unchanged. It said in a commentary to the forecast that GDP grew an estimated 1.8% in Q2 2025, while Rosstat estimated growth for the quarter at 1.1%.