Forecast of Russian
socio-economic development

This section contains forecasts of basic indicators reflecting the state of the Russian economy in the medium term. The forecasts have been developed by leading Russian and international analytical teams.
Last update: 26.09.2024 г.
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GDP Growth, %

2024 to the previous year
Details
At the end of 2024, the economy will
continue to grow. The main drivers
of growth are the real sector branches, first
of all, the manufacturing industry. The main positive contribution is made by the machine-building complex, but the output growth is almost frontal across industries. High growth rates are observed in construction even despite the high base of the last year.
Economic growth in Russia will decline from 3.2% in 2024 to 1.8% in 2025 due to the diminishing impact of high investment and weaker private consumption growth, which is supported by rising wages amid a tight labor market.

Inflation rate, %

December 2024 to previous year December
Details
Inflation expectations of households and businesses continue to grow. Short-term inflation expectations of professional analysts have increased. At the same time, long-term inflation expectations calculated from financial market instruments decreased after the July decision on the key rate. In general, inflation expectations of economic agents remain at elevated levels. This reinforces the inertia of persistent inflation.

Investment growth
in fixed capital,
%

2024 to the previous year
Details
High interest rates will have a negative impact on investment dynamics, but the implementation of national projects will support their growth. In the current year the growth is estimated at 6.4%, but it may be higher.

Ruble to US dollar exchange rate, rub/$

2024 average
Details
Over the medium-term horizon, the forecast includes a gradual weakening of the Russian currency (to 103.2 rubles per US dollar in 2027) in accordance with the inflation differential, which will help maintain a stable real effective exchange rate of the ruble.
*end of 2024, rub/$