Bank of Russia survey shows lower 2026 GDP growth forecast, higher inflation and ruble exchange rate expectations

MOSCOW, September 2. /TASS/. Analysts have downgraded their forecast for Russia’s GDP growth for 2026 from 0.6% to 0.5%, while inflation is expected to increase to 6.6% from 6.2%, according to a macroeconomic survey conducted by the Bank of Russia.

Expectations for the average key rate in 2026 remained at 14.5%.

Russia’s GDP growth is projected at 1.2% in 2027 (1.3% previously), 1.7% in 2028, and 1.8% in 2029 (both unchanged).

Analysts surveyed by the Central Bank also upgraded their forecast for the average annual dollar exchange rate to 79.9 rubles from 78.4 rubles for 2026, and to 88.8 rubles from 86.6 rubles for 2027.

The data were obtained from a survey of 33 economists conducted between August 28 and September 1, 2026.