Global GDP growth moderated in the first quarter of 2017 as the temporary slowdown in U.S. consumption offset firm activities in other advanced economies and commodity exporting emerging market and developing economies (EMDEs).
The oil price rebound, following the OPEC/non-OPEC extension of cuts, turned out to be short-lived. Oil prices dropped below the $50 mark in early June due to stubbornly high stocks and the responding supplies by the U.S. shale oil sector.
Lower oil prices led to the ruble depreciating in May.
Economic activity in Russia demonstrated robust growth in April, with high frequency indicators pointing to incipient recovery in consumer demand on the back of growing real wages and a pick-up in consumer credit.
Labor market indicators also improved, and in May, inflation remained unchanged at 4.1 percent.
In the first quarter of 2017, the federal budget primary deficit improved to 1 percent of GDP from 3.5 percent of GDP in the same period last year, largely due to higher oil prices.
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