Russia Economic Forecast

Russia Economic Outlook

May 10, 2016

Following a strong contraction Q4 2015, Russia’s economic activity decreased in Q1, although the drop is expected to be less severe than in the previous quarter. Industrial production took a step back from an incipient recovery in March as output contracted following February’s modest expansion. Moreover, a continuous deterioration in economic conditions prompted unemployment to rise in March. On the external front, weakness in global demand coupled with the country’s deep recession prompted exports to contract at a double-digit rate again in March. Heading into Q2, leading indicators suggest that the economy is still fragile. In April, the manufacturing PMI fell to an eight-month low, while the services PMI continued to improve. These results highlight the diverging performance between Russia’s goods producers and services providers once again.

Russia Economy Data

20112012201320142015
Population (million)143143144144144
GDP per capita (USD)13,19214,28915,34015,3908,181
GDP (USD bn)1,8862,0482,2042,2121,176
Economic Growth (GDP, annual variation in %)4.33.51.30.7-3.7
Consumption (annual variation in %)6.87.44.41.5-9.6
Investment (annual variation in %)10.26.00.9-2.6-7.6
Industrial Production (annual variation in %)5.13.40.41.6-3.4
Retail Sales (annual variation in %)6.96.53.92.7-9.7
Unemployment Rate6.65.55.55.25.6
Fiscal Balance (% of GDP)0.80.0-0.7-0.6-2.8
Public Debt (% of GDP)9.510.511.413.213.6
Money (annual variation in %)22.311.914.62.311.5
Inflation Rate (CPI, annual variation in %, eop)6.16.56.511.412.9
Inflation Rate (CPI, annual variation in %)8.45.16.87.815.5
Inflation (PPI, annual variation in %)12.05.13.75.910.7
Policy Interest Rate (%)5.255.505.5017.0011.00
Stock Market (annual variation in %)-21.910.5-5.5-45.2-4.3
Exchange Rate (vs USD)32.0230.4832.7356.2672.88
Exchange Rate (vs USD, aop)29.6730.3630.0335.2468.73
Current Account (% of GDP)5.23.51.52.75.9
Current Account Balance (USD bn)98.871.334.159.569.6
Trade Balance (USD billion)197192181190149
Exports (USD billion)515527522498341
Imports (USD billion)319336341308193
Exports (annual variation in %)31.32.3-1.1-4.6-31.5
Imports (annual variation in %)29.75.41.6-9.7-37.4
International Reserves (USD)499538510385368
External Debt (% of GDP)28.931.133.127.143.9

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Russia Facts

ValueChangeDate
Bond Yield8.85-0.23 %May 25
Exchange Rate67.050.0 %May 25
Stock Market9081.85 %May 25

Russia Economic Growth

May 10, 2016

The economy will remain in recession this year. Weak private consumption is expected to be the main drag on growth in 2016 as high inflation, low wages and rising unemployment will continue to hit households’ spending. However, a gradual rise in oil prices and the stabilization of the currency will provide some support to growth. Analysts expect the economy to contact 1.3% this year, which is unchanged from last month’s forecast. For 2017, forecasters expect the economy to increase 1.3%.

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