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Topic

Russia's GDP

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.
Brazil says Russian Covid vaccine carried live cold virus

Brazil says Russian Covid vaccine carried live cold virus

Published 29 Apr, 2021 10:12am
  • If people aren't sure that the vaccine they are receiving is the same that was studied in trials, then "I can imagine that some people might have their reservations about getting that vaccine at all," said Rasmussen.
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 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 may slash borrowing by 600-700bn roubles in 2021

Russia may slash borrowing by 600-700bn roubles in 2021

Published 10 Mar, 2021 07:48pm
  • Finance Minister Anton Siluanov on Tuesday said Russia may cut its planned borrowing this year due to better-than-expected budget revenues and could be able to keep the state's debt to gross domestic product ratio at no more than 20% over three years.
Russia's January industrial output down 2.5pc y/y on OPEC+ deal

Russia's January industrial output down 2.5pc y/y on OPEC+ deal

Published 15 Feb, 2021 08:57pm
  • In annual terms, January data was dragged down by lower oil and gas production which also resulted in weaker oil products output, along with some other factors, the statistics service, or Rosstat, said.
  • The main factor behind the monthly fall in January industrial output was lower manufacturing activity, namely food stock production such as flour, spaghetti, rice and sunflower oil.
‘Merciless’ Russia may face new sanctions, EU's Borrell says

‘Merciless’ Russia may face new sanctions, EU's Borrell says

Updated 09 Feb, 2021 11:31pm
  • "They are merciless," EU foreign policy chief Josep Borrell told the European Parliament after visiting Moscow last week to plead for the release of Kremlin critic Alexei Navalny.
  • The current power structure in Russia, combining vested economic interests, military and political control, leave no opening for democratic rule of law.
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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