Russian Econ Ministry expected economy to slow at start of year, will lower 2026 growth forecast from 1.3% - Reshetnikov

SHYMKENT. March 27 (Interfax) - The slowdown in the Russian economy at the beginning of the year was expected, and key rate reduction cut will have little impact on GDP growth in 2026, Economic Development Minister Maxim Reshetnikov said.

The Econ Ministry will lower its forecast for Russian GDP growth this year in April, from 1.3% in the September scenario, he told reporters on the sidelines of the Eurasian Intergovernmental Council in Shymkent, Kazakhstan.

"We expected the first half of the year to be difficult, and that's exactly how it is turning out. We will take all current indicators into account in the new forecast, and work on it is underway," he said, commenting on the year-on-year drop in industrial output in Russia in January-February.

Asked whether he expected recovery in the second half of the year amid gradual monetary policy easing, the minister said: "We'll see. The Central Bank is taking steps as you can see."