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Economic Forecasts 2010
GDP
Russia’s GDP is expected to grow in 2010. In December 2009, the Economic Development Ministry predicted growth of 3.1%, based on a global oil price of $65 per barrel. Representatives of the ministry have subsequently said that actual GDP growth could be higher than estimated, increasing by 4-4.5% in 2010. In late March of this year, the World Bank predicted growth of 5-5.5% in 2010 and 3.5% in 2011.
Oil Price
The Russian Ministry of Finance is working to forecasts of an average oil price of $65 per barrel in 2010, although previous forecasts indicate that this could be closer to $54-57. In early April 2010, the Ministry reported that the average price for Russian crude export blend Urals in the first quarter of 2010 was $75.20 per barrel, up from $43.50 per barrel in the same period in 2008.
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