Fitch improves outlook for Russia’s GDP growth in 2021 to 4.4%

MOSCOW, Dec 8 (PRIME) -- International rating agency Fitch Ratings has raised the forecast for Russia's gross domestic product (GDP) growth in 2021 to 4.4% from 4.3%, according to a document released Wednesday.

The agency expect the GDP growth to slow down to 2.6% in 2022 and to 2% in 2023.

The industry and construction sectors are expected to boost economic growth, while services can be hit the most by the pandemic.

Inflation is estimated at 8% in 2021, 4.4% in 2022 and 4% in 2023.

The central bank is expected to raise the key rate to 8.25% in December 2021, cut it to 7% by the end of 2022 and to 5.5% by the end of 2023.

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