Current Account in Russia
Russia - Current AccountGrowth slowed significantly in Q1, on weaker domestic demand due to the fallout from the war in Ukraine. Turning to Q2, the economy is heading into a deep recession as Russia’s military campaign in Ukraine’s Donbas region drags on and sanctions bite. Economic activity contracted in April, seemingly driven by a plunge in private spending as retail sales tumbled. Similarly, investment activity should be feeling the impact of sanctions and capital outflows. Meanwhile, although soaring energy prices have helped the external sector hold up relatively well so far, the EU’s decision in late May to largely ban Russian oil imports by end-2022 will hit the sector hard in the coming months. Meanwhile, to prop up the ailing economy, the government announced double digit hikes to pensions and the minimum wage, and slashed interest rate again in May. However, this will be insufficient to prevent a recession.
Russia - Current Account Data
|Current Account (% of GDP)||5.0||1.9||2.1||6.8||3.8|
5 years of economic forecasts for more than 30 economic indicators.
Russia Current Account Chart
Source: Central Bank of the Russian Federation (CBR).
|Bond Yield||6.23||0.13 %||Dec 30|
|Exchange Rate||62.03||-0.12 %||Dec 30|
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September 19, 2022
At its meeting on 16 September, the Central Bank of the Russian Federation (CBR) chopped its key interest rate by 50 basis points to 7.50%.
September 9, 2022
Inflation came in at 14.3% in August, down from July’s 15.1%.
September 5, 2022
S&P Global Russia Services PMI Business Activity Index fell to 49.9 in August from July's 54.7.
September 2, 2022
The S&P Global Manufacturing Purchasing Managers' Index (PMI) came in at 51.7 in August, up from July's 50.3.
August 12, 2022
GDP contracted 4.0% year on year in the second quarter of 2022, according to a preliminary estimate released by Rosstat on 12 August.