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Russia's Monthly Economic Developments

October 9, 2014


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Prepared by: Birgit Hansl, John Baffes, Damir Cosic, Olga Emelyanova,
Mizuho Kida, Mikhail Matytsin, Stepan Titov, Sergei Ulatov
and Ekaterine Vashakmadze.


Last Updated: Oct 09, 2014


  • Economic sanctions against Russia remain in place, as the Ukraine peace plan is still not deemed fully effective.
  • Growth in household consumption fell sharply in the second quarter and investment contracted further.
  • Sluggish domestic demand and slowing external demand adversely affected industrial activity in July and August, while the positive effect from currency depreciation on import substitution tapered.
  • Consumer prices accelerated in September as the ban on food imports and a depreciating Ruble pushed food prices up.
  • Russia’s external environment remains weaker than anticipated, with oil prices down more than ten percent since July.