2023-08-26 12:49:00
According to the Minister, the growth of Russian GDP in 2023 may exceed 2.5%
Finance Minister of the Russian Federation Anton Siluanov
Photo: Sefa Karacan/Anadolu Agency via Getty Images
Moscow. August, 26th. INTERFAX.RU – The Russian authorities continue to gradually improve their expectations regarding the dynamics of the recovery growth of the country’s economy following its fall in 2022 by 2.1%.
“This year we expect economic recovery (at a rate – IF) of regarding 2.5%, maybe even higher,” Finance Minister Anton Siluanov said in an interview with CGTN.
The official forecast of the Ministry of Economic Development in April assumes GDP growth in 2023 by 1.2%, but the president, the prime minister, and the head of the economy ministry have already stated that it might exceed 2%.
The recent updated forecast of the Central Bank of the Russian Federation assumes growth from 1.5% to 2.5%. Officials’ forecasts go beyond 2.5% for the first time. Experts’ expectations are still more restrained: the consensus forecast of analysts polled by Interfax in early August suggests that the Russian economy will grow by 2.1% in 2023.
The Ministry of Economic Development and Trade will update the official forecast at the end of August.
As for inflation, according to Siluanov, “although it has grown, we expect it to remain at the level of regarding 6% this year.”
“In the coming years, our target is 4%, and the Central Bank and I will take all necessary measures to bring inflation down to our planned levels,” the minister said.
Annual inflation in Russia as of August 21 was 4.88%. In mid-August, once morest the backdrop of a weakening ruble and rising inflationary risks, the Central Bank unscheduled and sharply raised the key rate by 350 basis points to 12%.
According to the forecast of the Central Bank, annual inflation in the Russian Federation in 2023 will be 5.0-6.5% and will return to 4% in 2024. The forecast of the Ministry of Economic Development of the Russian Federation from April assumes inflation for the current year at the level of 5.3%. The consensus forecast of economists for inflation in 2023 is 6.0%, in 2024 – 4.8%.
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