The Central Bank estimated GDP growth in the first quarter in 0.2-0.4%

Moscow. May 3. INTERFAX.RU Annual growth in GDP in the first quarter of 2017, according to the Central Bank, amounted to 0,2-0,4%, while taking into account the elimination of the calendar factor, the growth would be close to 1%, according to comments from the Bank of Russia on the economy.

“GDP growth in yoy was provided by the intensification of investment activity, higher exports and rebuilding of inventories,” notes the regulator.

Earlier in the March issue of the report on monetary policy, the Central Bank estimated GDP growth in the first quarter of 0.4-0.7%. The Bank of Russia explained that the revision of the current assessment of this indicator is down due to technical and specification comparison base in connection with the updating of the Rosstat quarterly data on GDP for 2014-2016.

Central Bank expects in the second quarter of 2017, the indicators of both consumer and investment demand will continue to recover. “As a result, the pace of GDP growth compared to previous quarter seasonally and calendar factors, as in the first quarter, will make 0,3 – 0,5%”, – stated in the review.