Russia Q1 data in shows severe GDP fall

RUSSIA / FSU POLITICS - In Brief 20 May 2020 by Alex Teddy
On May 19 Vedomosti newspaper published statistics on Q1 for Russia. There was 1.6% y o y growth. The economy shrank 28% in April. Analysts reckon that most of this is due to quarantine and a third is due to the oil price crash to USD 18 p b. It is estimated that there will be a GDP 16% drop in Q2. This is much higher than the Ministry of Economic Development's forecast of 9.5%.The Economy Minister has postponed a three step plan to reopen the economy. The government will first of all help the sectors that are most severely affected. Step 2 will be from 4Q 2020 to 2Q 2021 the government will seek to restore living standards. Step 3 is to be completed by the end of 4Q 21 the country should return to growth.

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