Analysts raise forecasts for Russia's inflation, GDP growth in 2025 - Central Bank survey

MOSCOW. March 12 (Interfax) - Analysts have raised their forecast for inflation in Russia in 2025 to 7.0%, up from 6.8% in February, according to a survey by the Central Bank of Russia.

Experts have slightly revised their GDP forecast for the current year. They now expect growth of 1.7%, compared to 1.6% previously.

Expectations for the average key rate in 2025 have improved slightly - analysts now predict it will be 20.1%, down from 20.5% previously.

The survey was conducted from March 7 to 11, 2025.

The inflation forecast has been raised to 4.8% for 2026 from 4.6% in February. Analysts still expect inflation to return to the target of 4% in 2027.

Expectations for GDP growth have been raised to 1.8% in 2026 from 1.7% and they remain at 2.0% for 2027.

The average key rate is projected at 14.3% in 2026 versus 15.0% previously and at 10.0% in 2027 versus 10.4% previously. Analysts retain their assessment of the neutral rate level at 8.0%.

Analysts forecast the average annual dollar exchange rate at 98.5 rubles/$1 in 2025 versus 104.7 rubles in February, at 104.0 rubles/$1 in 2026 versus 108.8 rubles previously, and at 107.0 rubles/$1 in 2027 versus 110.4 rubles previously.

The survey results are the median of forecasts from 30 economists from various organizations, the Central Bank said. If a respondent gave expectations in the form of an interval, then the middle has been accounted for in the calculation.