For the first half of this year, Russia’s economy clearly outperformed our previous forecast. While much of the up-side surprise came from private consumption and fixed investment fuelled by massive growth in public spending, the current numbers also reflect last year’s low reference basis.

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Senior Advisor Laura Solanko
tel. +358 9 183 2291 / laura.solanko(at)

Head of BOFIT Iikka Korhonen
tel. +358 9 183 2272 / iikka.korhonen(at)