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BRIEF

Russia's Monthly Economic Developments

August 19, 2015

Highlights

  • Russia’s economy contracted 4.6 percent in the second quarter, year-on-year, after a 2.2 percent contraction in the first quarter, but in June the pace of contraction slowed.
  • Russia’s second quarter balance of payment remained stable despite a weaker trade balance as the current account improved and capital outflows moderated.
  • Receding oil prices and a further cut in the key policy rates in July brought the ruble exchange rate down to its lowest level since February.
  • Preliminary poverty statistics for the first quarter of 2015 show a significant increase in the number of poor people.