Russian Economy Still Falling
World Economy

Russian Economy Still Falling

Russia’s economy is continuing to decline “after hitting rock bottom,” a report by Moscow’sHigher School of Economics (HSE) revealed Monday. The Russian economy contracted across almost all sectors in the first half of 2016, with construction, retail and manufacturing sectors all badly hit, Sputnik reported. The increasing competitiveness of Russian exports, thanks to the devaluation of the ruble, has not been able to compensate for decreasing domestic demand, the report found. The construction sector contracted by a record 10%, falling below levels recorded during the 2009 global crisis. Turnover in the retail sector also fell by 3.1%, down some 15% in total compared to pre-sanction levels in 2014. Industrial production in the last six months also decreased by 0.1%. “The economy has adapted to this ‘new normality’, but that is only the first phase,” the report said. Russia’s GDP has shrunk by 0.9% since the start of the year, and HSE experts believe that it could fall as much as 1.5% by the end of 2016.


Short URL : http://goo.gl/oAoFZk
  1. http://goo.gl/gvC5tS
  • http://goo.gl/ODfqVS
  • http://goo.gl/6SSbdE
  • http://goo.gl/cqbe8w
  • http://goo.gl/K8Ojl5

You can also read ...

ECB President Mario Draghi (L) and US fed chair Jerome Powell at the ECB Forum on Central Banking in Sintra, Portugal, June 20.
The world’s most-powerful central bankers warned that...
Consumer prices rose just 0.1% in May, down from a 0.3% gain in April.
Canada’s economy showed unexpected weakness in the second...
Brazil CB Holds Rate Steady
For the second consecutive time, the Central Bank of Brazil...
China Trade Surplus Shrinks
China’s trade surplus shrank markedly in the first five months...
Inflation rate forecast for the full year is averaged around 3.1%.
Saudi Arabia is so intent on changing its identity that today’...
Ukraine Shadow Economy Drops to 31% of GDP
Shadow economy in Ukraine dropped by 4% in 2017, to 31% of GDP...
Turkey Sees 22% Yearly Decline in FDI
Turkey attracted some $3.1 billion in net international direct...
IMF to Lower Eurozone Growth Projections
The International Monetary Fund will downgrade growth...