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With the Russian Central Bank ending its interest rate cut cycle in the first quarter of next year, the country's economic growth is expected to accelerate in 2020 and consumer inflation will rise, according to a monthly survey released by Reuters on Tuesday.
On average, 18 analysts interviewed at the end of December estimated that Russia's GDP is expected to grow 1.2% in 2019, up from the 1.1% expected a month ago.
"2019 is not a good year for the Russian economy, although it has been the same in the past few years, especially since 2014," Raiffeisen said. Western countries imposed sanctions on Russia in 2014 because of the Ukraine crisis and Russia's annexation of Crimea.
"The key themes for Russia's economy next year are state projects and announced state wealth fund spending."
Russian authorities plan to increase government spending on multiple projects to boost weak economic growth, including infrastructure and health care.
The survey results show that GDP growth is expected to accelerate to 1.8% in 2020, but less than the growth of 2.3% in 2018.
According to the survey, the inflation rate is expected to be 3.1% at the end of this year and 3.8% at the end of 2020.
A survey a month ago predicted inflation of 3.3% and 3.7% this year and next.
The central bank's inflation target is 4%. The central bank is expected to cut interest rates further, lowering the target rate to 6% in the first quarter of next year, and then keeping interest rates stable.


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