Russia’s GDP increased by 6.6% in January

According to the estimate of the Ministry of Economic Development, according to the results of January, Russia’s GDP showed an increase of 6.6% in annual terms after an increase of 4.3% in December. The ministry did not publish a monthly review of the current situation in the country’s economy, since it is difficult to give an objective assessment in the current circumstances. The current forecast for Russian GDP growth in 2022 is no longer relevant. The department intends to update it. As expected, a new forecast for the Russian economy will be presented at the end of next month. The Central Bank of the Russian Federation, in its statement following the results of the regular meeting, noted that in the coming quarters the country’s economy would experience a decline. However, the government and the Central Bank are taking steps to minimize it. Analysts who were surveyed by the Bank of Russia at the beginning of this month predict a reduction in the gross domestic product of the Russian Federation by 8% in 2022. As for inflation, in their opinion, by the end of the year it may rise to a level of 20%.


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Arseny Kudrin

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