In 2022, Russia's Economic Development Ministry has revised its assessment of the average annual US dollar exchange rate from 76.7 rubles per dollar to 68.1 rubles per dollar in the spring version of the forecast, a federal official familiar with the discussion of the ministry's draft forecast for 2023-2025 told reporters.
Based on the draft forecast under discussion, the ministry expects an average annual dollar exchange rate of 69.2 rubles per dollar in 2023, and 72.9 rubles and 74.8 rubles per dollar in 2024 and 2025.
Inflation in Russia, according to the Economic Development Ministry, will be 13.4 percent in 2022 and 5.5 percent in 2023, a federal official familiar with the discussion of the ministry’s draft forecast for 2023-2025 told reporters.
"Inflation estimates have been revised down significantly - if as of March the estimates were 17.5 percent, now they have been reduced to 13.4 percent at the end of the year, December on December," the official said.
Russia's Economic Development Ministry has improved its estimate of the decline in the Russian economy for the current year to 4.2 percent from 7.8 percent, and worsened the estimate for next year to 2.7 percent from 0.7 percent, a federal official familiar with the discussion of the ministry's draft forecast for 2023-2025 told reporters.
"Estimates for this year have been significantly improved... Now the estimate is minus 4.2 percent of GDP this year," the official said.
According to the draft forecast, GDP will grow 3.7 percent in 2024 and 2.6 percent in 2025.