Russia's middle class hit by recession
Russia's middle class hit by recession A new Sberbank survey finds that the number of Russians that see themselves as middle class has declined sharply over the past two years. A study from the I...
Bofit.fi / Bofit homepage / Monitoring / Weekly Review / 2016
Still waiting for Russia’s economic recovery
Still waiting for Russia’s economic recovery The latest Rosstat figures on GDP demand components and imports show that the volume of Russian exports of goods and services recovered from a first-quart...
Bofit.fi / Bofit homepage / Monitoring / Weekly Review / 2016
Budget deficits drain Russia’s Reserve Fund
Budget deficits drain Russia’s Reserve Fund In August, the government withdrew 390 billion rubles ($6 billion) in assets to cover the federal budget deficit. Even so, the Reserve Fund still held at m...
Bofit.fi / Bofit homepage / Monitoring / Weekly Review / 2016
Russia prepares for serious budget tightening
Russia prepares for serious budget tightening The government earlier this month gave its initial approval to the 2017–19 federal budget framework. Finance minister Anton Siluanov said the budget reve...
Bofit.fi / Bofit homepage / Monitoring / Weekly Review / 2016
Russia seeks ways to reduce grey pay
Russia seeks ways to reduce grey pay Facing budgetary shortfalls, the government is trying to increase revenues also by improving tax collection. Finance minister Siluanov has noted that grey wages ...
Bofit.fi / Bofit homepage / Monitoring / Weekly Review / 2016
Debate on oil taxation continues in Russia
Debate on oil taxation continues in Russia The finance ministry has prepared a proposal that calls for shifting the emphasis from taxing production and exports to taxing oil company profits. The appr...
Bofit.fi / Bofit homepage / Monitoring / Weekly Review / 2016
Russia posts weak economic figures for May
Russia posts weak economic figures for May Several short-term economic indicators suggest growth has not yet returned to Russia. While May industrial output was up 0.7 % y-o-y overall and manufacturi...
Bofit.fi / Bofit homepage / Monitoring / Weekly Review / 2016
Russia dips further into its reserve funds
Russia dips further into its reserve funds Another 390 billion rubles ($6 billion) was lifted from the Reserve Fund in May to cover the budget deficit. The Reserve Fund at the end of May was valued a...
Bofit.fi / Bofit homepage / Monitoring / Weekly Review / 2016
Monetary policy easing continues in Russia
Russia Monetary policy easing continues in Russia At its February meeting, the board of the Central Bank of Russia decided to reduce the key rate by another 25 basis points to 6 % p.a. Consumer...
Bofit.fi / Bofit homepage / Monitoring / Weekly Review / 2020
Russia posts sluggish 2019 growth performance
Russia Russia posts sluggish 2019 growth performance As many analysts expected, Russian GDP growth slowed last year. In the first nine months of 2019, GDP rose by just 1.1 % y-o-y. Growth for a...
Bofit.fi / Bofit homepage / Monitoring / Weekly Review / 2020
Consumption down across Russia in 2015
Consumption down across Russia in 2015 Retail sales volumes fell 8–13 % in six of Russia’s federal districts, a significantly larger drop than in the 2009 recession. Of Russia’s 83 administrative re...
Bofit.fi / Bofit homepage / Monitoring / Weekly Review / 2016
Russia discusses caps on oil production
Russia discusses caps on oil production The energy ministers of Russia and Saudi Arabia, the world’s two largest crude exporters, met last week with representatives from Kuwait and Venezuela. They ag...
Bofit.fi / Bofit homepage / Monitoring / Weekly Review / 2016
Russia behind China in most international comparisons
Russia behind China in most international comparisons The latest World Economic Forum (WEF) Global Competitiveness Report 2015-16, which rates competitiveness among 140 countries, ranks Russia 45 and...
Bofit.fi / Bofit homepage / Monitoring / Weekly Review / 2015
Russia’s foreign debt remains unchanged
Russia’s foreign debt remains unchanged The Central Bank of Russia estimates that Russia’s foreign debt stood at nearly $560 billion (30 % of GDP) as of end-June. Russia’s second-quarter foreign deb...
Bofit.fi / Bofit homepage / Monitoring / Weekly Review / 2015
Russia resumes TIR freight customs arrangement
Russia resumes TIR freight customs arrangement Goods shipments under the TIR treaty (Transports Internationaux Routiers or International Road Transport) enjoy expedited treatment at border crossings...
Bofit.fi / Bofit homepage / Monitoring / Weekly Review / 2015
Real wages continue to slide in Russia
Real wages continue to slide in Russia Real wages declined in the fourth quarter of 2014 – the first time this has happened since the 2009 recession. The decrease has continued this year. For Januar...
Bofit.fi / Bofit homepage / Monitoring / Weekly Review / 2015
Russia's fiscal sector strengthened in 2017
Russia Russia's fiscal sector strengthened in 2017 Russia's fiscal sector strengthened in 2017 Consolidated budget revenues (federal, regional and municipal, plus social funds) increased by...
Bofit.fi / Bofit homepage / Monitoring / Weekly Review / 2018
Russia hosts African leaders at first Russia-Africa summit
Russia Russia hosts African leaders at first Russia-Africa summit On October 23–24, Russia hosted the Africa-Russia Economic Forum in the Black Sea coastal city of Sochi. Egypt, the current chairman...
Bofit.fi / Bofit homepage / Monitoring / Weekly Review / 2019
Corruption dies hard in Russia
Russia Corruption dies hard in Russia Russia has performed equally worse in Transparency International’s (TI) Corruption Perception Index rankings during recent years. Russia’s overall point score h...
Bofit.fi / Bofit homepage / Monitoring / Weekly Review / 2019
Russia ratifies Caspian Sea accord
Russia Russia ratifies Caspian Sea accord The five littoral states of the Caspian Sea (Russia, Kazakhstan, Turkmenistan, Iran and Azerbaijan) negotiated for two decades on territorial demarcation an...
Bofit.fi / Bofit homepage / Monitoring / Weekly Review / 2019