Russia’s Economy Poised to Grow Slower Than Even Tepid Estimates

Russia is struggling to meet even the most cautious central bank estimate for growth this year, casting doubt on continued assurances from Governor Elvira Nabiullina that the economy isn’t cooling excessively under high interest rates.

Gross domestic product expanded by just 1.1% over the first seven months of the year, according to data from the Economy Ministry published late Wednesday. That’s barely above the lower bound of the central bank’s 1%-2% growth forecast for 2025.