CIS Countries Economic Outlook
GDP growth in the CIS Plus region is set to hit a four-year low in 2026. Tighter fiscal policy compared to 2025 and still-elevated interest rates are expected to drag on regional economies. That said, a prolonged surge in energy prices is an upside risk, as it could boost the public coffers of many oil-producing countries in the region.
CIS Countries Inflation
In February, regional inflation undershot its 10-year average of 7.2% for a third straight month, suggesting that price pressures in the region are on a downward trajectory after peaking at a three-year high in 2025. Inflation should hit a six-year low in 2026 as private spending decelerates and interest rates remain elevated. High energy prices are an upside risk.
This chart displays Economic Growth (Real GDP, ann. var. %) for CIS Countries from 2010 to 2025.
| 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|
| Current Account Balance (% of GDP) | 4.8 | 9.0 | 0.7 | 0.8 | -0.4 |
| Policy Interest Rate (%, eop) | 8.86 | 9.64 | 15.51 | 19.03 | 15.53 |
| Industrial Production (ann. var. %) | 5.3 | -1.4 | 4.4 | 5.5 | 2.5 |
| International Reserves (USD bn) | 759 | 714 | 746 | 775 | 988 |
| GDP per Capita (USD) | 8,583 | 10,223 | 10,011 | 10,554 | 11,761 |
| Public Debt (% of GDP) | 22.1 | 23.6 | 25.6 | 26.7 | 28.3 |
| Inflation (CPI, ann. var. %, aop) | 7.5 | 14.1 | 7.3 | 7.7 | 8.9 |
| Private Consumption (ann. var. %) | 9.1 | -1.3 | 7.1 | 6.0 | 2.9 |
| External Debt (% of GDP) | 37.4 | 28.4 | 28.3 | 26.8 | 25.4 |
| Merchandise Exports (USD bn) | 713 | 835 | 652 | 667 | 646 |
| Merchandise Imports (USD bn) | 514 | 502 | 568 | 582 | 596 |
| Merchandise Trade Balance (USD bn) | 202 | 340 | 92 | 91 | 53 |
| Fixed Investment (ann. var. %) | 7.8 | 3.8 | 13.4 | 7.0 | 3.9 |
| Economic Growth (Real GDP, ann. var. %) | 5.6 | -1.8 | 4.4 | 4.5 | 1.9 |
| Unemployment (% of active population, aop) | 5.6 | 4.4 | 3.8 | 3.9 | 3.6 |
| Fiscal Balance (% of GDP) | -0.3 | -2.6 | -2.7 | -2.6 | -3.6 |