The Central Bank of Russia said Friday it had increased its forecast for the country's gross domestic product (GDP) growth this year because of positive economic growth in the third quarter (Q3) and October.
"The annual GDP growth rate in 2019 is estimated to be close to the top level of our forecast of 0.8-1.3 per cent," reports Xinhua citing a statement.
It said that the annual GDP growth rate in the third quarter amounted to 1.7 per cent. Higher growth rates, according to the bank's estimate, could be related with positive dynamics in wholesale trade and agriculture.
In October, economic activity continued to increase and there was an upward trend in industrial production, the statement said.
The growth in retail turnover accelerated markedly, which was due to an increase in household income in the third quarter, while an increase in budget capital expenditures, partially on national projects, stimulated the growth of investment activities, the bank said.