OREANDA-NEWS  The decline in Russia's GDP by the end of 2022 may be about 2.7%, the decline will continue in 2023, Russian Finance Minister Anton Siluanov believes.

"Although the dynamics of GDP is decreasing, but these are not some double-digit figures. The latest data show that GDP will decrease by about 2.7% for the current year," he said in an interview with the Rossiya 24 TV channel.

The official forecast of the Ministry of Economic Development assumes a decline in Russia's GDP by 2.9% in 2022, the ministry estimated the decline in January-November at 2.1%. President Vladimir Putin said in mid-December that in 2022 the economic downturn may be less than the forecasts previously made by the government and amount to about 2.5%. The head of the Central Bank, Elvira Nabiullina, said in mid-December that the decline in Russia's GDP in 2022 could be near 3% or even less than 3%, depending on the dynamics of the indicator in November and December.

Siluanov also noted that GDP may continue to decline next year. "Although we will do everything to reach positive trends next year, but so far a slight minus is predicted," he said.

According to the forecast of the Ministry of Economic Development, the Russian economy will decline by 0.8% in 2023, and will move to growth by 2.6% in 2024. The forecasts of the Central Bank (from October) on the dynamics of the economy for 2022-2025 suggest a decrease of 3-3.5% in 2022, by 1-4% in 2023, an increase of 1.5-2% in 2024-2025.