Nabiullina called the statements about the technical recession in the Russian economy controversial.

The claims that Russia is experiencing a technical recession are debatable, as a broad analysis is required to confirm this fact. This was stated on September 12 by the head of the Central Bank of Russia (CBR) Elvira Nabiullina, noting that this concept implies a slowdown in the economy.

"Commentators tend to call a technical recession the statistical recording of a consistent decline in gross domestic product (GDP) over two quarters. <...> The statement about a technical recession today looks at least debatable. We really have a cooling down, that is, a slowdown in economic growth," Nabiullina said at a press conference.

She also added that this process is natural when exiting overheating, since during this period "production capabilities must catch up with demand."

"It's like running — the faster you accelerate, the higher your heart rate rises, the longer you have to run to lower your heart rate and return to a normal steady pace," Nibiullina gave an example.

According to the head of the Central Bank of the Russian Federation, the current economic situation is mistakenly considered a recession if it is not confirmed by indicators other than the level of GDP. In addition, quarterly GDP data is subject to significant revisions, so macroeconomists usually assess a more multifaceted situation.

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Earlier in the day, the Central Bank announced a reduction in the key rate to 17% per annum. According to the regulator's forecast, in 2025, taking into account the current monetary policy, annual inflation will drop to 6.0-7.0%, and in 2026 it will return to the target level of 4.0%. Subsequently, inflation is expected to remain at the target level. Nabiulina later clarified at a press conference that the economic situation in Russia has set a general direction for reducing the key interest rate.

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