According to the data, inflation will ease to 5.5% in 2023. The consumer price index is expected to rise 4.2% in 2024 and 4% in 2025.
Russia’s Ministry of Economic Development has revised its inflation forecast from 17.6% to 13.4% by the end of 2022, according to data in the “draft socio-economic development outlook for 2025” presented by the TASS news agency.
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According to official data, inflation will ease to 5.5% in 2023. The consumer price index is expected to rise 4.2% in 2024 and 4% in 2025.
In the shadow of the war in Ukraine, the ministry nevertheless expects that the national gross domestic product (GDP) will decrease by 4.2% by the end of 2022. According to the draft, national GDP will reach 144.9 trillion rubles ($2.37 trillion) in 2022. GDP is expected to contract by 2.7% in 2023. The recovery is expected to begin in 2024 (+3.7%) and to continue in 2025 (+2.6%), according to the data.
The ministry also expects Russia’s trade balance to reach $299.6 billion by the end of 2022. The document predicts that exports will increase to $585.3 billion in 2022 and imports will decrease to $285, 7 billion dollars.
The Ministry of Economic Development expects Russia’s retail trade turnover to decrease by 6.6% by the end of 2022. The Russian Ministry expects retail trade turnover to grow by 2% in 2023, 5.6% in 2024 and 2.4% in 2025.
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