We've cut our 2024 GDP growth forecast for Russia by 0.3ppts to 3.6% to reflect disappointing Q2 national accounts data. Household demand, which propelled growth in H1, is slowing down as the prohibitively high cost of unsubsidised loans and mortgages begins to bite. But we've raised our 2025 GDP forecast by 0.1ppt to 1.8% after the government relaxed fiscal policy late this year.
Russia: Fiscal policy relaxes as monetary policy tightens more