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Preliminary results of Q1 show GDP decline — Bank of Russia

According to the experts, it will not be correct to judge on this basis that the economic activity falls

MOSCOW, May 27. /TASS/. Preliminary results of the first quarter show the decline of GDP as compared to the fourth quarter of the last year, the Research and Forecasting Department of the Bank of Russia said in its bulletin.

According to the estimate of the department, GDP dropped by 1% quarterly in the first quarter of 2025 with the seasonal adjustment.

"Preliminary results of the first quarter show the decrease of GDP with the seasonal adjustment as compared to the fourth quarter of 2024. However, it will not be correct to judge on this basis that the economic activity falls," experts said. Continuation of moderate economic growth can be stated easily if setting aside a strong one-off December spike of production in the processing industry and when comparing production level indicators in October-November 2024 and February-March 2025.

External demand served as the main driver for the cooldown, to all appearances. This is seen from dynamics of mineral resources mining and exports.

Conclusions and recommendations contained in the bulletin may not coincide with the official position of the Bank of Russia.

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