Sberbank cuts Russia's 2026 GDP growth forecast after tough first quarter

Sberbank cut its forecast for Russia's 2024 GDP growth to 0.5%-1.0% from 1.0%-1.5% after a weak first quarter. The downgrade signals slower economic momentum in Russia and points to more cautious near-term growth expectations. The news is notable for macro sentiment but is unlikely to be a major standalone market mover.

Analysis

Sberbank cut its forecast for Russia's 2024 GDP growth to 0.5%-1.0% from 1.0%-1.5% after a weak first quarter. The downgrade signals slower economic momentum in Russia and points to more cautious near-term growth expectations. The news is notable for macro sentiment but is unlikely to be a major standalone market mover.