MOSCOW, April 14. /TASS/. The Russian Ministry of Economic Development forecasts the ruble exchange rate of 76.5 rubles per dollar in 2023, with a gradual nominal decline to 78.8 rubles per dollar in 2024-2026, Economic Development Minister Maxim Reshetnikov said on Friday.

"Taking into account the decrease in the trade balance, we estimate the average ruble exchange rate for 2023 to be 76.5 rubles per dollar. We forecast a smooth nominal weakening of the ruble in the future to an average annual rate of 78.8 rubles per dollar in 2024-2026," he said.

Reshetnikov added that the ministry projects GDP growth rate at 1.2% this year. "Economy continues recovering. We project GDP growth rate this year at 1.2%, whereas by 2026 it will accelerate to almost 3%, mainly due to consumer demand recovery," he said.

GDP growth for 2024 is projected at 2%, according to key parameters of scenario conditions for 2024-2026 prepared by the ministry.

At the same time, the Economic Development Ministry has upgraded its outlook on Brent oil price to $80.7 per barrel for 2023. The ministry projects the oil price at $75.7 per barrel in 2024, $71.9 in 2025, and $70.6 in 2026.