Russia Monthly Economic Developments

  • The World Bank growth projection for 2016 was revised to -1.9 percent.
  • Oil prices rose in March to over US$35 per barrel from under US$30 per barrel in January.
  • Increased ruble demand and higher oil prices supported the exchange rate in March.
  • Inflation continued to slow in March in large part due to the base effect of record high inflation a year ago.
  • Business confidence improved moderately in the first quarter of 2016, yet it remains constrained by weakness in domestic demand and heightened policy uncertainty.

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Birgit Hansl

Program Leader and Lead Economist for the Russian Federation