The Ministry of Economy expects that GDP growth in 2022 will be 2.8%, Vedomosti sources said, citing an updated interim forecast. Earlier, the agency predicted economic growth by 3%.
The Ministry of Economy sent proposals to revise the socio-economic development forecast for 2022-2024 to the government and presidential administration. The source of the newspaper claims that the revised figures were discussed at a meeting on economic issues with President Vladimir Putin. It is noted that the GDP growth indicator is proposed to be adjusted due to higher-than-expected economic growth rates in 2021.
The representative of the Ministry of Economy did not comment on information about proposals to change the forecast for GDP growth rates. He said that consultations are underway with interested departments and the Central Bank regarding new parameters. They are planned to be presented in March.
Rosstat previously reported a 4.7% growth in Russia’s GDP in 2021. Its main source was consumer spending, fueled by one-off social payments, ultra-high levels of lending and ultra-low unemployment. The Central Bank expects GDP growth in 2022 at the level of 2-3%, in 2023 – 1.5-2.5%.
About the growth of GDP in 2021 – in the material “Kommersant” “The economy was dispersed by raw materials and social spending.”