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 gro...

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Bibliographic Details
Main Authors:	Hans, Birgit, Baffes, John, Emelyanova, Olga, Ulatov, Sergei, Vashakmadze, Ekaterine
Format:	Brief
Language:	English en_US
Published:	World Bank, Washington, DC 2015
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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Summary:	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.

Russia Monthly Economic Developments, July 2015

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