Russian economy cooling faster than expected, econ ministry to revise forecasts - minister

VLADIVOSTOK. Sept 4 (Interfax) - The Russian economy is cooling faster than previously expected and the Economic Development Ministry is in the final stage of updating its macroeconomic forecast, in which a number of indicators will be revised, Economic Development Minister Maxim Reshetnikov said, adding that the updated forecast will be submitted to the government soon.

"The latest data indicate that the economy is cooling faster than expected," Reshetnikov told reporters on the sidelines of the Eastern Economic Forum.

"[A]s part of the preparation of the forecast our analysts are working out various possibilities, including stress ones, assessing all factors and challenges, the current dynamic, the situation in the global economy," he said.

"A number of indicators in the baseline scenario will be revised for understandable reasons compared to the April scenario conditions. We're in the final stage. We'll submit the forecast to the government soon," Reshetnikov said.

Earlier this week, a source familiar with the progress of budget projections told journalists that, according to refined expectations, Russia's GDP growth in 2025 could amount to 1.2% instead of the April forecast of 2.5%.

The Economic Development Ministry's April forecast for inflation in Russia in 2025 is 7.6%, but it will also likely be lowered. The consensus forecast of analysts surveyed this week by Interfax expects inflation in 2025 to be at the level of 6.4%.