Russia Monthly Economic Developments, July 2015

Hans, Birgit ; Baffes, John ; Emelyanova, Olga ; Ulatov, Sergei ; Vashakmadze, Ekaterine

World Bank, Washington, DC

关键词: TARIFFS;    DEFICIT;    RISKS;    BUFFERS;    BASIS POINTS;   

RP-ID  :  99230

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

In June, the European Council extendedEU economic sanctions against Russia for another six monthswhile Russia extended its food import ban against Westerncountries for a year. A fluid situation on global financialmarkets and yet again lower growth prospects led to oilprices losing ground in early July. Ruble depreciationpressure remained throughout June as demand for foreigncurrency increased while supply declined slightly due tolower oil prices. Russia’s first quarter GDP growth wasrevised from -1.9 to -2.2 percent−still slightly less thanprojected earlier−while May high frequency statistics show adeepening recession. On June 25, the government approved themain parameters for the 2016–2018 budgets, foreseeingpersistent deficits and evaporating fiscal buffers despitesignificant expenditure cuts.