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.
Detalhes
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Autor
Hans, Birgit, Baffes,John, Emelyanova,Olga, Ulatov,Sergei, Vashakmadze,Ekaterine T.
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Data do documento
2015/07/01
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TIpo de documento
Documento de Trabalho
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No. do relatório
99230
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Nº do volume
1
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Total Volume(s)
1
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País
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Região
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Data de divulgação
2015/08/31
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Disclosure Status
Disclosed
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Nome do documento
Russia Monthly Economic Developments
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Palavras-chave
barrels per day;foreign currency;global financial market;federal budget;consumer price index;capacity of household;external debt payment;european central bank;federal budget deficit;fruit and vegetable;long-term interest rate;global oil market;fixed investment;oil price;real income;economic sanction;inflation;high frequency;food import;retail trade;consumer demand;Haver Analytics;oil output;utility tariff;oil deficit;oil revenue;budget law;military personnel;complete implementation;oil exporter;primary deficit;percent change;military spending;inflation risk;high spending;core inflation;credit growth;transportation Vehicles;industrial production;macroeconomic assumption;household consumption;increased demand;Exchange Rates;domestic demand;fiscal policy;foreign exchange;oil production;oil rig;oil supply;tourist season;downward adjustment;rating agency;dual-use good;sovereign rating;investment grade;deteriorating growth;financial stress;expenditure cut;import ban;global trade;cross-border banking;global market;corporate risk;Fiscal policies;small bank;investment good;real wage;food price;export growth;
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