Current Account in Russia
Russia - Current AccountEconomic conditions seemed to improve somewhat in Q3, after GDP shrank at the sharpest rate in a decade in Q2. In Q3, economic activity fell at a much softer pace than Q2’s average, supported by a gradual recovery in the vital industrial sector, as manufacturing firms continued to ramp up capacity, which partly offset sliding mining output. Moreover, the easing of restrictions should have boosted household spending: The drop in retail sales softened considerably in Q3, which, coupled with an uptick in consumer confidence, points to returning consumer demand. That said, a weaker ruble and rising unemployment rate likely tempered the rebound. Externally, conditions were more downbeat: Merchandise exports continued to slide in July–August amid constrained domestic oil output and depressed global crude prices. Turning to Q4, worsening private sector conditions and surging new Covid-19 cases threaten to derail the fragile recovery.
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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June 15, 2021
Merchandise exports shot up 47.6% year-on-year in April (March: +19.0% year-on-year).
June 15, 2021
The economy contracted 0.7% year-on-year in the first quarter of 2021, according to a second estimate released by Rosstat on 15 June.
June 11, 2021
At its meeting on 11 June, the Board of Directors of the Central Bank of the Russian Federation (CBR) hiked the key interest rate by 50 basis points to 5.50%.
June 8, 2021
Consumer prices increased 0.74% from the previous month in May, picking up from April's 0.58% increase.
June 3, 2021
The IHS Markit Services Purchasing Managers’ Index (PMI) rose to 57.5 in May from April's 55.2.