CIS Countries Economic Outlook
CIS Plus GDP growth is projected to drop by about half this year compared to 2024. Nearly every economy in the region is anticipated to decelerate, with Russia and Belarus facing the sharpest slowdowns. In contrast, the Caucasus and Central Asia are expected to show solid performance. Peace negotiations between Russia and Ukraine are the key source of uncertainty.
CIS Countries Inflation
Inflation across the region has hovered around 10% in 2025 so far—well above the global norm—driven by intense price pressures in several countries, especially Russia and Ukraine. For the full year 2025, inflation is expected to average the highest since 2022. A key upside risk is an escalation of the Russia-Ukraine war worsening shortages and infrastructure damage.
This chart displays Economic Growth (Real GDP, ann. var. %) for CIS Countries from 2010 to 2023.
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Industrial Production (ann. var. %) | -2.2 | 5.7 | -1.4 | 4.4 | 5.0 |
| Merchandise Exports (USD bn) | 487 | 712 | 835 | 651 | 665 |
| External Debt (% of GDP) | 43.6 | 37.3 | 28.3 | 28.3 | 26.8 |
| GDP per Capita (USD) | 7,055 | 8,571 | 10,211 | 9,988 | 10,530 |
| Private Consumption (annual variation in %) | -4.9 | 9.1 | -1.4 | 7.1 | 5.9 |
| Public Debt (% of GDP) | 25.3 | 22.0 | 23.6 | 25.7 | 26.8 |
| Policy Interest Rate (%, eop) | 5.29 | 8.82 | 9.59 | 15.32 | 18.76 |
| Current Account Balance (% of GDP) | 1.1 | 4.8 | 9.1 | 0.7 | 1.0 |
| Economic Growth (Real GDP, ann. var. %) | -2.6 | 5.5 | -1.9 | 4.0 | 4.5 |
| Investment (annual variation in %) | -5.3 | 7.8 | 4.0 | 13.3 | 6.9 |
| Merchandise Imports (USD bn) | 410 | 512 | 501 | 566 | 580 |
| International Reserves (USD bn) | 721 | 759 | 714 | 746 | 775 |
| Unemployment (% of active population, aop) | 6.3 | 5.6 | 4.4 | 3.8 | 3.9 |
| Fiscal Balance (% of GDP) | -3.9 | -0.3 | -2.6 | -2.7 | -2.7 |
| Inflation (CPI, ann. var. %, aop) | 4.1 | 7.5 | 14.1 | 7.1 | 7.9 |