35775
Russia Trade Surplus Down by $49b
World Economy

Russia Trade Surplus Down by $49b

Russia’s foreign trade surplus decreased by 33% ($48.9 billion) in 2015 to $161.4 billion, according to documents published by the Federal Customs Service.
Russia’s exports dropped by 31.1% to $345.9 billion in 2015 compared with 2014 while imports went down by 36.7% to $184.5 billion in the same period, Tass reported.
In 2015, Russia’s external turnover totaled $530.4 billion, a 33.2% decrease compared with 2014.
The European Union is still Russia’s leading economic partner as it accounted for 44.8% of Russia’s trade turnover (48.1% in 2014) while the Commonwealth of Independent States for 12.5% (12.3%), the Eurasian Economic Union member-states for 7.8% (7.1%) and the APEC member-states for 28.1% (26.9%).

 Recession to Continue
Recession in the economy will continue, the Bank of Russia said. “Industrial production statistics for December 2015 shows that production decline continues on the whole across main kinds of economic activity.
This evidences concerns that the decline in the Russian economy will last longer than assumed earlier. The primary reason is the decline in oil prices in the coming months,” the regulator said.
“Macrostatistic data received in December confirms the assumption we made in January regarding higher probability of continued recession in the first half of 2016,” the Bank of Russia said.
According to the central bank, Russia’s budget deficit amid $35 per barrel oil price will grow to 4.8% of GDP.
“Implementation of base case forecasted scenario (implying average oil price in 2016 at $35 per barrel) results in lost federal budget revenues versus 1.45 trillion rubles ($18.9 billion) outlined by the legislation and raises deficit from 3% to 4.8% of GDP,” the report said.
Also, targeting deficit of 3% of GDP without raising debt burden necessitates a respective spending reduction by almost 9% of 16.1 trillion rubles outlined by the legislation, the report said.
Earlier the finance ministry had repeatedly said Russia’s budget deficit will not exceed 3% in 2016. The current budget for 2016 implies $50 per barrel oil price.
According to the Bank of Russia, negative economic trends “should serve as a base for refusal to additionally increase retirement payments using existing reserves.”

 Majority Pessimistic
More than half of Russians have a negative outlook for the economic situation, the highest amount since the country’s financial crisis began, the Kommersant newspaper reported Friday, citing a recent poll.
According to the results of the poll carried out by the Obshchestvennoye Mnenie (Public Opinion) Foundation, 54% of Russians now believe that the country’s economy is in a bad state.
Another 41% of respondents said the economic situation is satisfactory and only 3% of the participants said the economy is in a good state.

Short URL : http://goo.gl/4YCinw
  1. http://goo.gl/DXM5VQ
  • http://goo.gl/lJVo03
  • http://goo.gl/UxawDF
  • http://goo.gl/9Y4L2z
  • http://goo.gl/v2lExS

You can also read ...

Capital Economics forecasts Turkey’s GDP growth will fall to 3.5% in 2018 from 7.4% in 2017.
Expectations for Turkey's end-2018 inflation rate rose from 12...
Trump Tactics Sabotaging US Economy, Markets
Wall Street could be making a costly mistake. According to...
File photo of finance ministers and central bankers from the G20 nations.
Global economic growth is poised to pick up this year, though...
Apple Watch Smells Losses
The latest round of US tariffs on $200 billion of Chinese...
Italian Bonds, Stocks Fall
Italian bond yields rose and equities sold off on Friday after...
Technology Can Help Workers From the Informality Trap
Technology and what it will do to change how people work is...
Moody’s Warns Philippines of Downside Risk
Debt watcher Moody’s Investors Service on Friday said the...
A weaker yuan remains a source of risk for global currency markets.
The Chinese yuan slid to its lowest in more than a year on...

Trending

Googleplus