MOSCOW: The Russian economy ministry has lowered its forecast for economic growth this year to 2.9% from 3.3%, a source familiar with the matter said on Thursday.

The ministry has also reduced its forecast for 2022 to 3.2% from 3.4%, the source said.

The ministry raised forecast for Urals oil price to $60.3 per barrel this year from earlier expected $45.3 per barrel, while seeing key rate at 5% or lower by year-end and inflation at 4.3%, the source said.

The ministry declined to comment.