Russian Deputy Prime Minister Novak forecasts GDP growth and inflation figures
Alexander Novak projects 1.4% GDP growth for 2027 and 2.4% by 2029, with year-end inflation expected at 6.8%
Quick Look
- Russian Deputy Prime Minister Alexander Novak announced economic forecasts at the Federation Council, projecting 1.4% GDP growth for 2027, rising to 2.4% by 2029.
- He also estimated year-end inflation at 6.8% and noted unemployment remains at a record low of 2.2%.
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Why It Matters
The Federation Council is the upper house of the Russian legislative assembly. The report details official government economic targets for the coming years.
MOSCOW, October 2. /TASS/. Russian GDP is anticipated to grow by 1.4% next year and reach the growth rate of 2.4% in 2029, Deputy Prime Minister Alexander Novak said at the plenary session of the Federation Council, the upper house of the Russian legislative assembly.
"Concerning the forecast indicators, the gross domestic product is expected to grow by 1.4% in 2027 and subsequently reach 2.4% in 2029," Novak said.
Inflation in Russia may total 6.8% as of the end of this year, the deputy prime minister noted.
"Concerning inflation, it totaled 4.93% year-to-date. In annual terms, growth is 6.26% as of the end of September, we forecast 6.8% by the end of the year," Novak said.
The unemployment in Russia is at a historically low level and stands at 2.2%, the official stressed.
Open Questions
- What specific fiscal policies will be used to reach the 2.4% growth target?
