Boris Kovalchuk: domestic demand remains the driver of economic growth in the Russian Federation

Domestic demand remains the main driver of economic growth in Russia.

Retail trade turnover in Russia over the period 2027–2029 will increase by 8.8%.

The price of Urals oil will fall to $53 and will remain close to the base level of $50 per barrel from 2027.

MOSCOW, October 5 - RIA Novosti. Domestic demand remains the main factor of economic growth in Russia, so retail trade turnover over the coming three-year period is projected to grow by 8.8%, said the head of the Accounts Chamber of the Russian Federation Boris Kovalchuk.

“The main factor of economic growth remains domestic demand. Retail trade turnover for the period 2027-2029 will increase by 8.8%,” he said at parliamentary hearings in the Federation Council on the parameters of the draft federal budget for this period.

The growth of investment in fixed assets next year will be 0.2% due to the Central Bank’s monetary policy being stricter than expected at the beginning of the year, but as it softens, investment growth will accelerate to 2.5% and 3% for 2028 and 2029, respectively, Kovalchuk also noted.