Russia Economic Outlook
August 2, 2016The economy contracted 1.2% annually in Q1, yet the downturn was softer than expected. More recent data show that parts of the economy are gradually leaving the recession behind. An increase in oil prices from Q1 to Q2 supported a gradual improvement in the Russian industrial sector, and as inflation eased and the ruble stabilized, the decline in real wages moderated. These developments also prompted Russian consumers to be less downbeat in Q2. Russians will go to the polls on 18 September to cast their votes for lawmakers of the State Duma. The election was brought forward from 4 December and the 450 seats in the lower house of parliament are at stake. Debates are scheduled for August and recent polls put the ruling United Russia party (UR) of President Vladimir Putin in the lead. That being said, analysts suggest that the current economic difficulties could cost UR its top position in the Duma. The results of the election will also shed some light on the political mood ahead of the more relevant presidential election scheduled for March 2018.
Russia Economy Data
5 years of Russia economic forecasts for more than 30 economic indicators.
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|Bond Yield||8.51||-0.23 %||Aug 03|
|Exchange Rate||66.88||1.40 %||Aug 03|
|Stock Market||1,919||0.34 %||Aug 03|
Russia Economic Growth
August 2, 2016The Russian economy has gone through a painful adjustment and its contraction seems to have bottomed out in H1. Economic activity is seen as strengthening gradually in H2 and analysts project that GDP will contract 0.8% in 2016, which was revised up by 0.1 percentage points over last month. Nonetheless, risks to the outlook remain due to the slow recovery in oil prices and the uncertainty associated to Brexit. For 2017, analysts see the economy rebounding and expanding 1.4%.
Russia Economic News
August 15, 2016
Growth in Russian industrial production halted abruptly in July, contracting 0.3% year-on-year.
August 11, 2016
The Russian economy experienced the slowest contraction in Q2 since it began to contract at the beginning of 2015.
August 4, 2016
Consumer prices rose 0.5% in July over the previous month, which came in above the 0.4% increase registered in June.
August 1, 2016
Following two months of improvement, Russia’s manufacturing sector took a hard hit in July.
July 29, 2016
Russia’s Central Bank (Bank Rossii) maintained the one-week repo rate at 10.50% at its 29 July meeting.