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Russia's economy

Russia falls into recession

Russia falls into recession

Published 16 Nov, 2022 10:38pm
MOSCOW: Russia's economy has entered a recession as gross domestic output fell by four percent in the third quarter,...
Russia's key rate could be above 6pc some time next year, says central bank

Russia's key rate could be above 6pc some time next year, says central bank

Updated 23 Jun, 2021 05:23pm
  • The central bank raised its key interest rate by 50 basis points to 5.5% earlier this month and said more hikes would be needed to rein in inflation, which had accelerated to 6.15% as of June 7.
  • At this point in time we can only say that both growth and inflation are probably tracking somewhat higher than the April forecast presumed.
Russia's economy shrinks 1pc y/y in Q1 -preliminary data

Russia's economy shrinks 1pc y/y in Q1 -preliminary data

Published 17 May, 2021 09:08pm
  • The figures from the Federal Statistics Service Rosstat showed an improvement on the previous quarter's 1.8% year-on-year GDP drop, signalling that Russia's economy is still on course for recovery.
  • Transport was the worst affected sector, contracting 34% in the first quarter, and the mining, services and retail industries also suffered setbacks, Rosstat said.
Rouble weakens past 75 vs dollar, stocks fall ahead of May holidays

Rouble weakens past 75 vs dollar, stocks fall ahead of May holidays

Published 30 Apr, 2021 04:57pm
  • The rouble was 0.5% weaker against the dollar at 75.02, having slid away from its strongest level since March 22 of 74.19 it touched on Thursday.
  • Brent crude oil, a global benchmark for Russia's main export, was down 1.5% at $67.53 a barrel, paving the way for a decline in Russian stock indexes.
Shares in Russia's Nornickel up as it sets high price for buyback

Shares in Russia's Nornickel up as it sets high price for buyback

Published 27 Apr, 2021 08:29pm
  • "The board of directors believes that the company is currently undervalued by the market, which presents a good opportunity to run a share buyback," Gareth Penny, board chairman, said in a statement.
  • The buyback price of up to 5,382,865 of shares is set at 27,780 roubles ($370.90) per share, Nornickel said.
Russia's rouble stabilises with an eye on sanction risks

Russia's rouble stabilises with an eye on sanction risks

Published 02 Apr, 2021 05:52pm
  • The dollar steadied ahead of data from the United States that is expected to show an increase in job creation and a lower unemployment rate for March.
  • Oil prices inched higher despite the OPEC+ group's decision to ease production curbs by 350,000 barrels per day (bpd) in May, another 350,000 bpd in June and 400,000 bpd or so in July.
Russia's economy shrank 3pc last year -revised data

Russia's economy shrank 3pc last year -revised data

Published 01 Apr, 2021 09:17pm
  • The figures from the Federal Statistics Service Rosstat were marginally better than Rosstat's preliminary estimate that gross domestic product fell by 3.1% last year.
  • The coronavirus outbreak paralysed business activity in 2020, prompting the central bank to slash interest rates to a record low 4.25%, while a drop in global oil prices dented Russia's revenues.
Russia's inflation may slow to 4pc target by year-end

Russia's inflation may slow to 4pc target by year-end

Published 25 Mar, 2021 06:55pm
  • An increase in the inflation reading, which was driven by a depreciation of the rouble, prompted the central bank to raise rates this month.
  • The central bank is now expected to tighten its monetary policy further later this year to rein in a rise in consumer prices.
Russia's economy shrinks 3.1pc in 2020, sharpest contraction in 11 years

Russia's economy shrinks 3.1pc in 2020, sharpest contraction in 11 years

Published 01 Feb, 2021 09:37pm
  • Russia's GDP to shrink by 3.7%, while the economy ministry had last predicted that GDP would contract by 3.9%.
  • Russia saw deeper economic contractions of 7.8% and 5.3% in 2009 and 1998, respectively. Between 2000 and 2008, Russia's economy grew on average by around 7% a year.
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