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CBR Confident of 2023 GDP Outlook

RUSSIA
  • The Russian economy is continuing to grow at the same rate that was achieved in the second half of 2022, with GDP having avoided a steep drop after the disastrous second quarter of 2022, the Central Bank's research and forecasting department said in a bulletin on current trends, as cited by Interfax. "Statistical indicators confirmed that there was strong growth of economic activity in February. Judging by the latest and survey indicators, it continued in March. Consumer demand grew, fueled by an increase in earned income," the report said.
  • Russia’s largest thermal coal miner, Suek, intends to triple exports to China this year to help offset Western sanctions. The miner will increase its coal exports to China to more than 20m tons this year, from 7m tons a year previously, Suek CEO Maxim Basov said in an interview with China’s People’s Daily.
  • Weekly CPI and PPI data is on the docket today (1700BST/1900 local time). President Putin will hold a videoconference with the government to discuss power grids.
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