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2024 GDP Growth Forecast Raised to 2.1% in Latest Analyst Survey

RUSSIA
  • The latest consensus forecast of leading analysts published by the CBR projects GDP growth of 2.1% in 2024, up 0.3ppts from the previous forecast, on the back of higher estimates for household demand and worsening expectations for the RUB, Kommersant report.
  • Bloomberg report that Russia is pressing ahead with construction of two new transport corridors linking Asia and Europe, seeking to weaken sanctions over its war in Ukraine at the same time Middle East turmoil disrupts global trade. The shipping and rail networks via Iran and an Arctic sea passage could strengthen Moscow’s pivot toward China and India and away from Europe.
  • Russian pipeline gas exports to the EU jumped 26% y/y to 2.74bcm in March, the highest figure since last August, Gazprom and ENTSOG data cited by Vedomosti show. Analysts attribute the growth to low prices for Russian gas.
  • The Bank of Russia will publish the weekly change in international reserves and report on Q1 balance of payments. Day three of the National Oil and Gas Forum in Moscow takes place today.
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