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BRIEF

Russia's Monthly Economic Developments

September 16, 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: Sep 16, 2014

Highlights

  • On September 12, the EU and the US introduced new sanctions against Russia’s financial, defense and energy sectors.
  • The economy escaped recession, but economic activity is stagnating. We maintain our 0.5 percent growth forecast for 2014.
  • Exchange rate depreciation resumed in August, pushing the Ruble to a record low.
  • Higher food prices and Ruble depreciation elevated consumer prices inflation in August.
  • Prospects for Russia’s external environment remain subdued after a good second quarter. Oil prices have weakened.