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Finance Ministry Predicts 12% GDP Contraction vs CBR's 8-10% Forecast

RUSSIA
  • RUSSIA FACES 12% GDP CONTRACTION IN 2022: FINANCE MIN. FORECAST
  • Russia is facing the deepest economic contraction in nearly three decades, with gross domestic product likely to shrink as much as 12% this year under pressure from sanctions imposed by the U.S. and its allies over the invasion of Ukraine, according to an internal forecast by the Finance Ministry.
  • The Bank of Russia said April 29 it expects a contraction between 8% and 10% this year. The International Monetary Fund forecast one of 8.5%, while a Bloomberg survey of economists found a median decline of 10.3%.
  • Uncertainty about the outlook remains very high as the war continues and the U.S. and its allies discuss further sanctions, including on key exports like oil, the people said.
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
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MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
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