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Macroeconomic survey of the Bank of Russia

Survey results: September 2021

2021 2022 2023
(%, Dec to Dec of the previous year)
4.9 5.9 4.0 4.0
Key rate
(% per annum, average for the year)
5.1 5.7 6.3 5.5
(%, YoY)
-3.0 4.2 2.4 2.2
Nominal wages
(%, YoY)
6.0 8.1 6.5 6.0
CDS spread 5Y in Russia
(b.p., average for the year)
109 95 90 90
USD / RUB rate
(RUB per USD, average for the year)
72.3 73.5 72.4 73.8
Neutral key rate
(% per annum)
5.5 The level of the key rate at which monetary policy keeps inflation and inflation expectations on target over the long term and also keeps GDP at its potential
Long-term GDP
(%, YoY)
2.0 Expected average potential GDP growth rates in 2024 — 2028

Survey Dates: 25-31 August, 2021.
Calculation methodology: The survey results are the median of the 31 forecasts of economists from various organizations taking part in the survey.

  • Inflation: in September, the forecast for 2021 was raised to 5.9% from 5.6% in June. In 2022 — 2023, the inflation is close to the Bank of Russia’s target.
  • Key Rate: the average key rate is going to stand at 5.7% per annum in 2021 (5.5% in July). Relative to July, the forecast for 2022 rose by 0.3 p.p. to 6.3% per annum. The forecast for 2023 and beyond remained unchanged at 5.5% per annum.
  • GDP: the analysts’ forecast for 2021 is substantially improved. Compared to July it has increased by 0.7 p.p. to 4.2%. Thereafter, it remains intact and is forecast to slow down to 2.4% and 2.2% in 2022 — 2023 and 2.0% further on.
  • Nominal wages: The expected growth for 2021 is 8.1% (8.0% in July). In 2022-2023, the growth rates are to be 6.5% and 6.0%, respectively (6.8% and 6.1% in May).
  • CDS spread: the forecast remains almost the same. The average 5-year CDS spread for Russia will shrink from 95 bps in 2021 to 90 bps in 2022-2023.
  • USD/RUB exchange rate: according to analysts’ forecasts, average exchange rate in 2021-2023 fall within the range of 72.4 — 73.8 rubles per USD (72.0 — 73.2 in July).


%, Dec. to Dec. of the previous year

Key rate

% per annum, average for the year


%, yoy

Nominal wages

%, yoy

CDS spread 5Y in Russia

b.p., average for the year

USD / RUB rate

RUB per USD, average for the year

Note: the upper and lower boundaries of the filled area on the graphs are equal to the maximum and minimum forecast.

The next survey will take place from October 6 to October 12, 2021.

Survey participants

BCS Global Markets Morgan Stanley АКРА ИНГ Банк Евразия НИФИ Минфина Сбербанк ЦМИ Эксперт РА
Credit Suisse SOVA Capital Альфа Банк ИНП РАН Райффайзенбанк Сколково-РЭШ ЮниКредит банк
Goldman Sachs Telegram-канал MMI Telegram-канал Твердые цифры VTB Capital Институт Гайдара Ренессанс Капитал ФК Открытие Barclays
Сбербанк КИБ ФИНАМ «Центр развития» НИУ ВШЭ Газпромбанк ПФ Капитал ВЭБ.РФ
Department responsible for publication: Monetary Policy Department
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Last updated on: 01/09/2021