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BRIEF

Russia's Monthly Economic Developments

March 10, 2015

Highlights

  • Crude oil prices rebounded in February, gaining on average 16 percent compared to January.
  • The Ruble appreciated in February by 12 percent against the US dollar as oil prices stabilized and geopolitical tensions subsided, yet inflation remained on the rise.
  • In January, Russia’s high frequency statistics confirmed the expected slowdown in industrial activity and further weakening of domestic demand, verifying that the December trends in economic activity were only temporary.
  • In February, government tapped for the first time this year into the Reserve Fund for budget financing, as January federal budget revenue decreased due to low oil prices while expenditure increased as military spending soared.
  • In early March, the Ministry of Finance submitted amendments to the 2015 federal budget to the government.