Ministry of Economic Development: Russia’s GDP decline by the end of the year will be 2.9%
At the end of 2022, the decline in Russia’s GDP will be less than three percent, despite the acceleration of dynamics in September. This follows from review Ministry of Economic Development “On the current situation in the Russian economy”.
“Against the backdrop of a high base in September last year, the dynamics in annual terms amounted to minus 5 percent year-on-year,” the report says. At the same time, in monthly terms, in September, GDP increased by 2.1 percent.
As for the forecast for the end of the year, the Ministry of Economic Development said that the dynamics of GDP is close to the forecast trajectory. “By the end of 2022, it will be minus 2.9 percent,” the ministry stressed.
Earlier, the head of the Bank of Russia, Elvira Nabiullina, noted that in the fall, economic activity in Russia began to decline again after stabilizing in the summer months. In addition, the chairman of the Central Bank said that the largest decline in Russia’s GDP will occur in mid-2023. According to the regulator’s forecasts, in the fourth quarter of 2023, the dynamics will become positive – in the official forecast of the Central Bank, an increase of 0-1.5 percent in annual terms is expected.
Prior to this, the Minister of Economic Development Maxim Reshetnikov made a forecast that by 2030 the Russian economy could exceed the level of 2021 by 17 percent.
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