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BRIEF

Russia's Monthly Economic Developments

April 10, 2015

Highlights

  • Russia’s recession deepened in February - indicators show a broad-based decline in economic activity and increased credit risk.
  • Crude oil prices averaged in March US$52.8 per barrel−a drop of 3.5 percent compared to February.
  • The Ruble appreciated by 6.9 percent against the US dollar, reflecting improved external balances and subsiding geopolitical tension.
  • Inflation increased to 16.9 percent in March−a 13-year high, yet the Central Bank of Russia cut its key rates to support growth.
  • Poverty increased during the fourth quarter of 2014; the unemployment rate reached 5.8 percent in February−the highest level in the past two years, and real wages contracted.