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European Commission Lowers Forecast for Decline in Russia's 2022 GDP From 10.4% to 5.1%

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MOSCOW (Sputnik) - The European Commission has lowered its forecast for a decline in Russia's 2022 GDP from 10.4% to 5.1%, according to the Autumn 2022... 11.11.2022, Sputnik International

2022-11-11T13:22+0000

2023-03-05T11:22+0000

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At the same time, the European Commission now expects a 2.3% decline in Russia's GDP in 2023 instead of a 1.5% increase predicted this spring.Despite this fact, Russia's economy will start growing in 2024 after reaching 0.9%, the document read.For comparison, the Russian Ministry of Economic Development has predicted a 2.9% decline in the country's GDP in 2022, a 0.8% fall in 2023, and a 2.6% increase in both 2024 and 2025.

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European Commission Lowers Forecast for Decline in Russia's 2022 GDP From 10.4% to 5.1%

13:22 GMT 11.11.2022 (Updated: 11:22 GMT 05.03.2023)

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MOSCOW (Sputnik) - The European Commission has lowered its forecast for a decline in Russia's 2022 GDP from 10.4% to 5.1%, according to the Autumn 2022 Economic Forecast released on Friday.

At the same time, the European Commission now expects a 2.3% decline in Russia's GDP in 2023 instead of a 1.5% increase predicted this spring.

Despite this fact, Russia's economy will start growing in 2024 after reaching 0.9%, the document read.

For comparison, the Russian Ministry of Economic Development has predicted a 2.9% decline in the country's GDP in 2022, a 0.8% fall in 2023, and a 2.6% increase in both 2024 and 2025.