Russian economy shrank 10% in Q2

RUSSIA / FSU POLITICS - In Brief 16 Jul 2020 by Alex Teddy
On July 15 Russian Central Bank (CBR) published a report on Q2. It states that recovery will be slow and patchy. Production and supply chains have been obstructed. April was the worst month and the economy to grow in May when lockdown started to be relaxed a little.The report noted that oil export reduction due to the OPEC + agreement more than canceled out growth in other sectors. Oil output was down 2.5 million barrels per day. That was a 21% cut. The IMF forecast a 6.6% contraction in the Russian economy in 2020. Several other countries such as the UK, Italy and Spain will suffer more.CBR is due to make a decision on interest rates in the week beginning 20 July. Interest rates are at 4.5% - the lowest in decades. The Governor of CBR is hinting that she might cut them again. Inflation is well under 4% so the CBR is target there.

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