MOSCOW, May 15. /TASS/. Russia’s GDP contraction will equal 0.9% this year, whereas in 2024 the country’s GDP growth will amount to 1.3%, according to the European Commission’s Spring Economic Forecast for 2023-2024 released on Monday.

In the document released last fall the EC projected Russian GDP contraction of 3.2% in 2023 and 0.9% GDP growth in 2024.

Inflation in Russia is projected at 6.4% in 2023 and 4.6% in 2024. Unemployment is expected to reach 3.7% this year and 4% next year, down from 4.5% and 4.6%, respectively, projected earlier.

Russian exports are projected to contract by 2.5% in 2023 and grow by 1.7% in 2024, while imports are expected to gain 2.8% in 2023 and 2.9% in 2024. Budget deficit will total around 3% of GDP this year and 2.5% of GDP next year, the EC said.