Consumption in Russia
Russia - Consumption
Economic growth accelerates in Q2 but remains weak nonetheless
GDP growth accelerated to 0.9% year-on-year in the second quarter of 2019, according to a preliminary estimate released on 12 August. This was almost double the first quarter’s 0.5% expansion and was in line with the expectations of most market analysts, as well as those of the Central Bank.
While a breakdown by components is not yet available, faster industrial output growth and slowly strengthening consumer demand metrics likely led the acceleration in the second-quarter. The ruble gained ground against the U.S. dollar in Q2, which, coupled with moderating price pressures, lower unemployment and slightly less downbeat consumer confidence, should have supported private consumption. That said, intensifying external headwinds in Q2 likely curbed the overall expansion. Particularly, merchandise exports contracted for the first time in nearly three years in the quarter amid constrained oil production and low global crude prices.
A comprehensive estimate of national accounts will be released in September.
FocusEconomics panelists see growth at 1.2% in 2019, which is down 0.2 percentage points from last month’s forecast. In 2020, GDP is seen increasing 1.8%.
Russia - Consumption Data
| 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|
| Consumption (annual variation in %) | 5.2 | 2.0 | -9.4 | -1.9 | 3.3 |
Russia Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 7.30 | 0.13 % | Jul 31 |
| Exchange Rate | 63.38 | -0.12 % | Jul 31 |
| Stock Market | 2,740 | -1.03 % | Jul 31 |
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Economic News
Russia: Trade surplus widens despite tumbling exports in June
August 22, 2019
Merchandise exports totaled USD 32.5 billion in June, representing a marked 10.5% contraction from the USD 36.3 billion sum recorded in the same month of 2018.
Russia: Industrial output growth moderates in July
August 15, 2019
Annual industrial output growth came in at 2.8% in July, softening from June’s 3.3% year-on-year jump.
Russia: Economic growth accelerates in Q2 but remains weak nonetheless
August 12, 2019
GDP growth accelerated to 0.9% year-on-year in the second quarter of 2019, according to a preliminary estimate released on 12 August.
Russia: Inflation ticks down to a fresh year-to-date low in July
August 7, 2019
In July, consumer prices rose 0.2% from the previous month, compared to June’s flat reading.
Russia: Despite improving, manufacturing PMI remains in contractionary territory in July; services PMI signals mild activity growth
August 5, 2019
The manufacturing Purchasing Managers’ Index (PMI) produced by IHS Markit edged up to 49.3% in July, from 48.6 in June.
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