Russian Financial Sector Update
Bank of Russia RUSSIAN MACRO UPDATE
The Central Bank of the Russian Federation
KEY INDICATORS
Clear signs of macro stabilization across the board
Figure 1: Real GDP growth started to recover (YoY, %)
Figure 2: Retail trade turnover and real wages dynamics (YoY, %)
Retail trade turnover
Real wages
15
8
6
10
4.3
3.5
4
5
1.3
2
0.7
0
1.5
-0.2
0
-5
-2
-10
-2.8
-4
-15
2011
2012
2013
2014
2015
2016
2017
01.15 06.15 11.15 04.16 09.16 02.17 07.17 12.17 05.18
Private consumption
Investment
Figure 3: Russian economy recovered driven by private consumption
and investment (YoY, %)
Figure 4: Russian Ruble volatility remains low while in free-floating
15.0
9.1
7.9
Investment 3.6%
10.0
5.2
Private consumption 3.4%
5.0
2.0
6.8
0.8
5.0
1.3
- 5.0
- 2.8
- 1.8
- 10.0
- 9.4
- 11.2
- 15.0
2011
2012
2013
2014
2015
2016
2017
Source: Bank of Russia, Rosstat
RUB per 1 USD
90
80
70
60
50
40
30
12.14
03.15
06.15
09.15
12.15
ཚན་ དྲུབ་
03.16
06.16
09.16
12.16
03.17
06.17
09.17
12.17
03.18
06.18
7.2
3.0
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