MOSCOW, August 17. /TASS/. The Russian Ministry of Economic Development has revised its forecast for inflation from 17.6% to 13.4% as of the end of 2022, according to key parameters in the 2025 draft socioeconomic development outlook available with TASS.
According to the document, inflation will gear down to 5.5% in 2023. The consumer price index is expected to gain 4.2% in 2024 and 4% in 2025.
The ministry expects the national gross domestic product (GDP) to decline by 4.2% as of the end of 2022. As indicated in the draft outlook, the national GDP will stand at 144.9 trillion rubles ($2.37 trillion) in 2022. GDP is expected to contract by 2.7% in 2023. The recovery is anticipated to start in 2024 (+3.7% and continue in 2025 (+2.6%), according to the document.
The ministry also expects Russia’s trade balance to be $299.6 bln as of the end of 2022 and its further decline. The document forecasts that exports will grow to $585.3 bln in 2022 and imports will decline to $285.7 bln. The surplus of $190.8 bln is expected in 2023 on account of lower exports and higher imports ($505.4 bln and $314.5 bln accordingly). The macroeconomic outlook anticipates a smaller decrease in exports against more active import recovery in the next two years. According to estimates in the draft document, the trade balance surplus will stand at $169.2 bln in 2024 and $153.6 bln in 2025.
