Russia Monthly Economic Developments

November 12, 2015

  • Despite low oil prices the ruble strengthened slightly due to increased appetite for ruble-denominated financial assets.
  • The contraction in industrial activity lessened, but the services sector continued to suffer from falling consumer demand.
  • Credit growth slowed while central bank continues its efforts to limit the systemic risk in the banking sector.
  • The current account surplus shrank in the third quarter of 2015 due to lower energy exports.
  • In January–September 2015, the federal budget registered a primary deficit of 0.6 percent of GDP compared to a 2.9 percent surplus a year ago.
  • On October 23, the government submitted the federal budget law for 2016 to the State Duma.


Birgit Hansl

Program Leader and Lead Economist for the Russian Federation