Russian economy

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Russian Central Bank stabilizes interest rate

Russia’s central bank kept its key interest rate at 4.25% on Friday following a weakening in the rouble ahead of the U.S. presidential election, but said a rate cut was still possible in the coming months. The decision to keep the …

Two main challenges for economic recovery in Russia

According to the forecast of the Ministry of Economic Development of the Russian Federation for 2021-2023, the recovery of the county’s economy may face two main challenges. The department called the recession in the global …

Does stagnation await Russian economy?

Russia needs GDP growth rates two to three times higher than those laid down in the economic recovery plan (2-2.5%), otherwise stagnation cannot be avoided, Sergei Grishunin, managing director of the rating service of the National Rating Agency, …

Gazprom reports massive profit slump in first half

Russia's energy giant Gazprom announced that net profit fell 25-fold in the first half of 2020 due to the economic crisis triggered by the coronavirus pandemic and low oil and gas prices. The state-controlled group posted a net …

Russia’s GDP falls by 3.6% in January–June

Russia’s gross domestic product (GDP) contracted by 3.6% in January–June, the Federal State Statistics Service said on a statement quoting preliminary data. On August 11, the service said that preliminary estimates showed …

Russia's labour market survived pandemic peak?

The Russian labor market has left behind the peak of the pandemic, Russia's Labor Minister Anton Kotyakov said. The minister noted that Russia’s unemployment rate stood at 6.1% in May, an increase from 5.8% recorded in April …

Medvedev: Russia hit by three economic shocks

Russia will not escape a general economic recession due to the coronavirus pandemic  and now our country is hit by three economic shocks, Deputy Chairman of the Russian Security Council Dmitry Medvedev said in his article published in …

World Bank expects Russia’s GDP to contract by 6% in 2020

The World Bank has worsened its outlook for the global economy in 2020, including worsening of the forecast for Russia’s gross domestic product (GDP) to a 6% contraction this year from a fall 1%, the World Bank said in its Global Economic …

Bloomberg predicts record dop in Russia's GDP

Russia's economy will contract 16% in the second quarter, according to Bloomberg Economics. That would be the worst quarterly performance since at least the early 1990s. Russia’s overall output shrunk by a quarter last …