Reports and studies

Medium term growth is expected to moderate to 5 percent, however, a number of risks remain. The

exceptional performance of gold output in 2013 is unlikely to be repeated in 2014. The rest of the economy is

expected to continue expanding at 5–6 percent. A slowdown in the Russian economy, declining gold prices,

and uncertainty created by the recent fluctuations in the exchange rate could adversely affect this outcome.