CIS Countries Economic Outlook
CIS Plus GDP growth is forecast to hit a three-year low in 2025. Most of the regional economies are expected to expand at a softer pace, with Russia and Belarus set to experience the sharpest decelerations. That said, GDP growth in the Caucasus and Central Asia should remain solid. The course of Russia-Ukraine peace talks is key to monitor.
CIS Countries Inflation
Regional price pressures have averaged close to 10% so far this year—far exceeding the global average—due to strong price pressures in Central Asia, notably Kazakhstan, Russia and Ukraine. In 2025 as a whole, CIS plus inflation should average the highest since 2022, when the conflict started. Deepening goods shortages and infrastructure damage are upside risks.
This chart displays Economic Growth (Real GDP, ann. var. %) for CIS Countries from 2025 to 2022.
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| GDP per Capita (USD) | 7,055 | 8,571 | 10,211 | 9,988 | 10,530 |
| Economic Growth (Real GDP, ann. var. %) | -2.5 | 5.6 | -1.9 | 4.4 | 4.4 |
| Merchandise Imports (USD bn) | 410 | 512 | 501 | 566 | 582 |
| Merchandise Exports (USD bn) | 487 | 712 | 835 | 651 | 666 |
| International Reserves (USD bn) | 721 | 759 | 714 | 746 | 775 |
| Policy Interest Rate (%, eop) | 5.29 | 8.82 | 9.59 | 15.32 | 18.76 |
| Inflation (CPI, ann. var. %, aop) | 4.1 | 7.5 | 14.1 | 7.1 | 7.9 |
| Merchandise Trade Balance (USD bn) | 79 | 204 | 341 | 94 | 90 |
| Investment (annual variation in %) | -5.3 | 7.8 | 4.0 | 13.3 | 7.0 |
| Private Consumption (annual variation in %) | -4.9 | 9.1 | -1.4 | 7.1 | 5.9 |
| Industrial Production (ann. var. %) | -2.0 | 5.3 | -1.4 | 4.4 | 5.5 |
| Fiscal Balance (% of GDP) | -3.9 | -0.3 | -2.6 | -2.7 | -2.7 |
| Public Debt (% of GDP) | 25.3 | 22.0 | 23.6 | 25.7 | 26.8 |
| Unemployment (% of active population, aop) | 6.3 | 5.6 | 4.4 | 3.8 | 3.9 |
| External Debt (% of GDP) | 43.6 | 37.3 | 28.3 | 28.3 | 26.7 |
| Current Account Balance (% of GDP) | 1.1 | 4.8 | 9.1 | 0.7 | 0.9 |