From BOFIT:
Russian financial development slowed considerably in June, however sustained its decrease tempo in July. In line with Russian financial growth ministry’s preliminary estimate, on-year GDP development in June and July was round 3 %, down from 4.5 % within the April-Could interval. The overall indicator comprising Russia’s 5 core manufacturing sectors steered that the amount of seasonally-adjusted financial output contracted on-month in June, however the contraction stopped in July.
The amount of seasonally-adjusted industrial output fell additional in July, nonetheless. Industrial output has declined within the newest months, each within the extractive industries and manufacturing. Development additionally appears to have stalled in development and retail gross sales, with no hints of restoration in July. The speedy enhance in agricultural output (5 % y-o-y) supported financial output total in July.
…
The newest outlooks of most main institutional forecasters revealed in July or August see Russian GDP rising within the vary of three–3.5 % this yr and round 1.5 % subsequent yr. The newest CBR forecast sees Russian GDP growing by 3.5–4 % this yr and 0.5–1.5 % subsequent yr.
Russian industrial output has declined in current months
Sources: Rosstat, CEIC, BOFIT.
Word that as output decelerates, the Central Financial institution of Russia has raised the coverage price from 18% to 19% (as of 9/13).
TradingEconomics tags anticipated inflation at 12.9% (I don’t understand how they calculate this quantity). Taken at face worth, that suggests 6% actual rates of interest.
