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BRIEF

Russia's Monthly Economic Developments

April 10, 2015

Highlights

  • Global oil prices gained strength, averaging during the first week of May US$67 per barrel—the highest since January.
  • In April, the ruble appreciated by 13 percent against the US dollar bolstered by favorable external balances due to higher oil prices, continued low import demand and lower external debt payments.
  • Inflation pressures began to subside in April, motivating the Central Bank of Russia to cut key policy rates by 150 basis points to 12.5 percent.
  • Industrial activity somewhat steadied in March yet indicators point towards continued weakness in domestic demand.
  • In the first quarter, the federal budget deficit stood at 4.9 percent of GDP while the non-oil deficit soared to 14.2 percent of GDP amid rising expenditure.