Russia Monthly Economic Developments

  • The World Bank revised its oil price forecast upwards to US$41 per barrel in 2016 and to US$50 per barrel in 2017.
  • The World Bank 2016 growth projection for Russia improved to -1.2 percent as a result of higher oil prices.
  • Consumer prices stabilized in April.
  • Industrial output continued to recover in March and the recession in the services sector showed signs of abating.
  • The banking system remains adequately capitalized, yet non-performing loans are rising and credit growth is weak.
  • The current account deteriorated in the first quarter of 2016, coincided with a notable slowdown in net capital outflows.

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Birgit Hansl

Program Leader and Lead Economist for the Russian Federation