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RUSSIA: 2024 GDP, CPI Forecasts Raised in May CBR Survey

RUSSIA
  • Russian GDP will grow by 2.9% and inflation will be 5.5% in 2024, 0.8pp and 0.3pp higher respectively than previously expected due to stronger private demand, according to the consensus forecast for 2024-2026 published by the CBR ahead of its rate-setting meeting next week. See here.
  • The Russian Government will discuss the Finance Ministry’s proposals on increased taxes for businesses and wealthy Russians at a meeting today. As a reminder, the ministry’s proposed package of tax amendments would introduce a new progressive income tax while the tax rate for corporate profits would rise to 25% from 20%, starting in 2025. The entire package would raise an additional RUB 2.6trln ($29.4bn) in 2025.
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  • Russian GDP will grow by 2.9% and inflation will be 5.5% in 2024, 0.8pp and 0.3pp higher respectively than previously expected due to stronger private demand, according to the consensus forecast for 2024-2026 published by the CBR ahead of its rate-setting meeting next week. See here.
  • The Russian Government will discuss the Finance Ministry’s proposals on increased taxes for businesses and wealthy Russians at a meeting today. As a reminder, the ministry’s proposed package of tax amendments would introduce a new progressive income tax while the tax rate for corporate profits would rise to 25% from 20%, starting in 2025. The entire package would raise an additional RUB 2.6trln ($29.4bn) in 2025.