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BRIEF

Russia's Monthly Economic Developments

April 10, 2015

Highlights

  • The World Bank’s new growth forecast for Russia projects the economy to contract in 2015 by -2.7 percent, before increasing by 0.7 percent in 2016, largely reflecting a stabilization in global oil prices.
  • Russia’s real GDP contracted in the first quarter slightly less than projected, but yet as expected, April’s high-frequency statistic suggests that the recession is still set to deepen in the second quarter.
  • Movements in the ruble exchange rate realigned with oil price trends by the end of May, reflecting effective CBR measures.
  • In May, inflationary pressures continued to subside on account of weak consumer demand.
  • Real wage contraction still accelerated in April amid somewhat weaker labor market indicators.