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BRIEF

Russia's Monthly Economic Developments

February 10, 2015

Highlights

  • The World Bank crude oil price indicator averaged US$47 per barrel in January, a 6-year low.
  • The Ruble continued weakening in the face of falling oil prices, increasing geopolitical tensions and a surprise cut in the key policy rate by the Central Bank of Russia.
  • Driven by high food inflation and a strong pass-through effect of the Ruble devaluation, inflation surged in January.
  • The World Bank revised its Russia growth forecast for 2015 to -3.8 percent with a projected oil price of US$53/bbl.
  • Industrial activity and retail trade increased in December, as the Ruble devaluation facilitated import substitution and led to a spike in demand for tangible assets.
  • On January 30, the government revealed an anti-crisis plan of RUB 2.3 trillion.