Russia’s Ministry of Economic Development downgrades GDP growth forecast for this year

Russia’s Ministry of Economic Development has lowered its estimate of Russian GDP growth this year from 3.0 percent to 2.8 percent, Russian economic daily Vedomosti reported on Monday. According to the newspaper, the ministry changed its estimate due to higher-than-expected economic growth last year. According to the first estimate of the Russian Statistical Office, gross domestic product (GDP) grew by 4.7 percent last year after a 2.7 percent decline in 2020. Last year’s economic growth exceeded the central bank’s forecast of 4.0-4.5 percent, the Ministry of Economic Development’s forecast of 4.6 percent and the average of 4.4 percent in the opinion of experts.