Russia Monthly Economic Developments

  • Global growth continued to be solid in the fourth quarter of 2017, well above the estimated potential growth. Incoming data suggests robust growth is maintained in 2018.
  • Growth in China slowed in the fourth quarter and high frequency data suggests continued moderation in the first quarter of 2018. 
  • Oil prices, which fell in the first half of February stabilized later in the month. The decline--which ended seven months of gains--reflects a modest recovery in oil inventories and further rises in U.S. oil production.
  •  Favorable external environment supported the current account in the first two months of 2018: export increase more than compensated for growing imports. 
  • Despite a drop in oil prices, in February 2018, the ruble stayed flat with respect to the US dollar. 
  • In January 2018, industrial production growth accelerated helped by robust growth in manufacturing. In February 2018, consumer inflation remained unchanged. 
  • Labor market indicators were relatively stable in January. In January 2018, the federal budget primary surplus strengthened, as drop in expenditures overcompensated for a decrease in revenues. 
  • The Central Bank continued its efforts to clean up the banking system, cutting the number of banks that are non-compliant with regulations and that conduct risky operations. 
  • On March 16, despite escalating geopolitical tensions, Russia placed US$4 billion of Eurobonds.


Apurva Sanghi

Lead Economist for the Russian Federation

Media Contacts
In Moscow
Marina Vasilieva
Tel : +7 (495) 745-7000


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