Russia Monthly Economic Developments, July 2015

In June, the European Council extended EU economic sanctions against Russia for another six months while Russia extended its food import ban against Western countries for a year. A fluid situation on global financial markets and yet again lower growth prospects led to oil prices losing ground in early July. Ruble depreciation pressure remained throughout June as demand for foreign currency increased while supply declined slightly due to lower oil prices. Russia’s first quarter GDP growth was revised from -1.9 to -2.2 percent−still slightly less than projected earlier−while May high frequency statistics show a deepening recession. On June 25, the government approved the main parameters for the 2016–2018 budgets, foreseeing persistent deficits and evaporating fiscal buffers despite significant expenditure cuts.

Bibliographic Details

Main Authors:	Hans, Birgit, Baffes, John, Emelyanova, Olga, Ulatov, Sergei, Vashakmadze, Ekaterine
Format:	Brief biblioteca
Language:	English en_US
Published:	World Bank, Washington, DC 2015-07-01
Subjects:	TARIFFS, DEFICIT, RISKS, BUFFERS, BASIS POINTS, EQUIPMENT, OIL PRICE, LONG-TERM INTEREST, STOCK, DEFLATION, INCOME, INTEREST, DEPRECIATION, IMPORT, INFLATION RISK, EXCHANGE, REMITTANCE, SUPPLIES, ECONOMIC DEVELOPMENTS, BANKING SYSTEM, EXPORTERS, RECESSION, REVENUES, FISCAL POLICY, FINANCIAL STRESS, CAPITAL ADEQUACY, OIL REVENUES, SLOWDOWN, PRICE, REAL INCOME, RETAIL TRADE, NON-PERFORMING LOANS, PAYMENTS, RESERVE, INFLATION, DEVELOPING COUNTRY, RETAIL, BUDGET, CENTRAL BANK, OIL PRICES, CURRENCY, EXPORT GROWTH, INCOME GROWTH, CREDIT RISKS, INTEREST RATES, DEBT, MARKETS, SOVEREIGN RATING, DEFICITS, BUDGET DEFICIT, IMPORTS, LOANS, GLOBAL FINANCIAL MARKETS, INVENTORIES, RESERVES, UTILITY, CONSUMER DEMAND, FOREIGN CURRENCY, EXPENDITURE, INVESTORS, NATIONAL SECURITY, OIL SUPPLIES, CONSUMPTION, DEBT PAYMENTS, INVESTMENT GOODS, OIL MARKET, WAGES, GLOBAL MARKET, FUTURE, PENSIONS, FEDERAL BUDGET, CREDIT, FIXED INVESTMENT, BUDGETS, DEMAND, EXCHANGES, LONG-TERM INTEREST RATES, EXTERNAL DEBT PAYMENTS, CONSUMER PRICE, EXPENDITURES, ECONOMY, INCOMES, ASSETS, MARKET, FOREIGN EXCHANGE, OUTPUT, DOMESTIC DEMAND, TRADE, CORE INFLATION, GDP, GOODS, GLOBAL TRADE, SECURITY, OIL EXPORTERS, INVESTMENT, FEDERAL BUDGET DEFICIT, RISK, SHARE, QUOTA, FINANCIAL MARKETS, SUPPLY, BANKING, UNCERTAINTY, REVENUE, EXTERNAL DEBT, CONSUMER PRICE INDEX, CREDIT GROWTH, EXCHANGE RATE, FOOD PRICES, CURRENCY SUPPLY, PROFITS, PRICE INDEX, COMMODITY, GLOBAL ECONOMIC PROSPECTS, PRICES,
Online Access:	http://documents.worldbank.org/curated/en/2015/09/24982254/russia-monthly-economic-developments http://hdl.handle.net/10986/22754
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