Russia Monthly Economic Developments

  • Preliminary estimates for real GDP growth in the first quarter of 2016 show a contraction of 1.2 percent, significantly lower than the -2.8 percent in the first quarter of 2015.
  • Oil prices recovered to almost US$50 per barrel in early June, mostly due to supply-side factors.
  • Since February, the ruble exchange rate appreciated only marginally against the dollar, despite a strong increase in oil prices, reflecting a higher demand for dollars.
  • Industrial activity continued to recover in April, accompanied by a stabilization in the demand for services.
  • Russia’s government successfully returned to global capital markets, issuing US$1.75 billion in 10-year Eurobonds.
  • Russia's banking sector remains under pressure with the share of non-performing loans rising.

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Birgit Hansl

Program Leader and Lead Economist for the Russian Federation