Economic Update

Bloomberg reports that Russia's GDP is in decline despite the Rouble's continuing recovery. The price for Brent crude oil reached $50 per barrel last week after falling to under $30 at the beginning of the year. The strength of the Russian Rouble has risen with the oil prices to 64.7 against the dollar. However, recently published macroeconomic data underscored the challenges in reviving economic growth after its recent slump.

Russia’s Economic Development Minister noted that by May results the GDP had fallen by 0.8 % per annum, which is less than the cumulative economic decline since the beginning of the year (1% per annum). The Ministry of Economic Russia forecasts that the Russian economy will decline by a further 0.2 % by the end of the year. 

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