Lyudinovo

Main Menu

  • Home
  • Russian hotel
  • Russian restaurant
  • Russian currency
  • Russian economy
  • Russian budget

Lyudinovo

Header Banner

Lyudinovo

  • Home
  • Russian hotel
  • Russian restaurant
  • Russian currency
  • Russian economy
  • Russian budget
Russian economy
Home›Russian economy›Russian Economy Ministry increases 2021 GDP and inflation forecast

Russian Economy Ministry increases 2021 GDP and inflation forecast

By Lawrence C. Saleh
July 8, 2021
0
0

MOSCOW, July 9 (Reuters) – The Russian Economy Ministry has raised its outlook for economic growth and oil prices in 2021 and is now considering a stronger ruble, and it has also raised inflation expectations for this year , indicated Friday the provisional set of forecasts of the ministry. .

After declining 3% in 2020, its sharpest contraction in 11 years, the Russian economy has recovered thanks to a rebound in consumer demand and high prices for oil, its main export, resulting in a series of improvements in its economic outlook.

The Economy Ministry revised its outlook for gross domestic product growth for 2021 to 3.8 percent, down from the 2.9 percent it forecast in its previous round of forecasts in April.

“We are seeing that the economy is recovering faster than expected … Our experts say that the potential for economic recovery is not yet exhausted,” said an official from the Ministry of the Economy.

The ministry raised capital investment growth forecasts for 2021 to 4.5% from 3.3%, while improving its view on an average price of a barrel of Russian crude from the Urals to $ 65.9 against $ 60.3 URL-E.

The Ministry of the Economy has also raised its consumer inflation forecast for 2021 to 5%, from 4.3%.

Stubbornly high inflation was behind the central bank’s decision to hike rates three times this year.

Inflation, the bank’s main area of ​​responsibility, exceeded the 4% target at the end of 2020 and reached 6.5% in June, its highest since August 2016.

The central bank is now expected to raise its key rate again by 5.5% on July 23.

The Economy Ministry also revised its forecast for the average ruble rate for this year to 72.8 per dollar from 73.3 in April. This predicts the ruble to appreciate from the around 75 levels seen on Thursday.

“We all realize that the price of the ruble should be different from oil prices of $ 75 a barrel,” the ministry official said, attributing the current weakness of the ruble to the risk of sanctions and the uncertainty surrounding the deal. OPEC + on world oil production. (Reporting by Darya Korsunskaya; Writing by Andrey Ostroukh; Editing by Hugh Lawson)


Source link

Related posts:

  1. Business raids devastate Russian economy, seminar says
  2. Russian economy could lose $ 844.75 million due to restrictive measures – First Deputy Prime Minister – World
  3. US companies invested more than $ 2 billion in the Russian economy in 2020
  4. The Russian economy has recovered despite an unstable global situation – Putin – Business & Economy
Tagscentral bankrussian economy

Categories

  • Russian budget
  • Russian currency
  • Russian economy
  • Russian hotel
  • Russian restaurant

Archives

  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • January 2021
  • December 2020
  • September 2020
  • July 2020
  • June 2020
  • January 2020
  • October 2019
  • May 2019
  • March 2019
  • February 2019
  • December 2018
  • November 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • March 2018
  • September 2017
  • June 2017
  • March 2017
  • January 2017
  • December 2016
  • November 2016
  • June 2016
  • December 2015
  • June 2015
  • April 2015
  • March 2015
  • February 2015
  • December 2014
  • November 2014
  • May 2014
  • April 2014
  • March 2014
  • October 2012
  • June 2012
  • March 2012
  • February 2012
  • December 2010

Recent Posts

  • Mississippi restaurant owner on the true cost of inflation: Never seen anything like this before
  • Russian ruble hits seven-year high as countries switch to currency for gas payment
  • STR: Delay in recovery of Estonian hotels and hotel development
  • RRF Refill Bill Fails to Pass Senate, Dealing a Blow to Restaurant Industry
  • Anne Hathaway stuns in ultra chic as she leaves her hotel during the Cannes Film Festival
  • Privacy Policy
  • Terms and Conditions