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Forecast on Russian Economic Development, 2006
(May 29, 2006)
Forecast for 2007
Russian version
  MEDT1 Bank of Russia2 IMF3 OECD4 Alfa Bank Bureau of Economic Analysis Foundation Center of Macroeconomic Analysis & Short-term Forecasting Economic Expert Group Development Center Troika Dialog Deutsche Bank Dresdner Bank
Forecast Current Estimates Scenario 1 Scenario 2 Scenario 3 Forecast-April Forecast-September Forecast-May Forecast-May Forecast-November Forecast-May
Forecast date March 2006   December 2005 December 2005 December 2005 April 2005 September 2005 May 2006 May 2005 November 2005 May 2006 February 2006 February 2006 May 2006 May 2006 May 2006 May 2006 May 2006 March 2006
Real Sector and Trade
Real GDP (% change YoY) 6.0   5.8 6.0 6.1 5.5 5.3 6.0 6.0 5.7 6.2 6.2 5.8 5.8 5.7 6.0 6.3 6.0 6.0
Nominal GDP (in current prices, bln.Rbl) 25810.0         24966.1 26680.0 25152.0       25544.0 24750.0 26696.0 26250.0 26749.0 25900.0 25879.0 23486.4
Index of Industrial Production (% change YoY) 4.4                     4.0 5.5 3.6 4.0 3.9 4.5    
Fixed Capital Investment (% change YoY) 11.3   11.1 12.0 12.2             10.0 8.1 8.0 9.0 10.3 9.0    
Retail sales, real (% change YoY) 11.8                     11.0 8.5 11.5 11.5 11.1 9.5    
Earnings and Income
Disposable Personal Income, real (% change YoY) 9.2   8.9 9.2 9.3               7.9 9.0 8.5 9.2 10.0    
Average Monthly Wages (USD) 374.0                       357.0 374.0 365.0 361.0 360.0    
Prices and exchange rate
Consumer Price Index (% change Dec/Dec) 8.5   7-8.5 7-8.5 7-8.5 9.7 10.7 10.4 12.0 10.7 10.5 11.0 10.5 9.6 9.7 10.4 9.7 11.0 10.5
Exchange Rate, eop (Rbl/USD) 27.4   28.0                 28.4 29.3 27.4 28.0 27.5 27.3 27.0 27.8
Money Supply
M2 (% change Dec/Dec)     22.5 23.5 26.5 22.8 33.5 30.0         35.0 35.5 29.0 35.1 32.0    
Foreign Exchange Reserves, eop (bln. USD)     233.9 260.9 286.6 248.2 304.1 266.2       240.0 205.0 255.2 247.8 246.9 235.0 230.0 225.0
Public Finance
Federal Budget Balance, IMF definition (% of GDP)           5.9 9.6 7.6 2.5 4.8 7.3   6.0 5.4 7.0 5.3 5.8 3.0 4.0
Foreign Trade
Export (bln. USD) 267.7   262.0 291.8 319.6 270.4 327.7 309.0       250.0 252.0 274.0 286.8 291.0 285.0 269.5 264.5
Import (bln. USD) 153.0   183.2 185.8 187.5 182.9 196.1 187.3       140.0 121.0 153.0 153.3 158.2 151.2 133.6 150.0
Trade Balance (bln. USD) 114.7   78.8 106.0 132.0 87.5 131.6 121.7       110.0 131.0 121.0 133.5 132.8 133.8 135.9 114.5
Current Account (bln. USD)     65.8 92.9 118.6 74.9 119.6 106.0   81.0   80.0 99.0 90.0 100.2 109.1 87.4 98.1 76.5
Average Price of Urals Crude Oil (USD per barrel) 54.0   40.0 50.0 60.0             47.0 53.0 54.0 57.0 58.0 60.0 53.9  
1 Official forecasts of the Ministry of Economic Development and Trade.
Forecasts was published in "Scenarios of socio-economic development of the Russian Federation for the year 2007 and for the period till 2008".
Current estimates reflect forecasts revision withing the forecast period
2 Official forecasts of the Central Bank of RF.
Scenario forecasts was published in "Monetary Policy Guidelines for the year 2006".
According to Scenario 1 energy prices will decline but generally stay on a rather high level.
Scenario 2 presumes that energy prices will stay at the same level as in 2005.
Scenario 3 presumes an increase in energy prices relative to 2005 levels
3 Official forecasts of IMF.
Forecasts are published bi-annualy in World Economic Outlook (April, September).
4 Official forecasts of OECD.
Forecasts are published bi-annualy in OECD Economic Outlook (May, November).
© EU VEDI 2005; www.vedi.ru.
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