From BOFIT:
Russian financial progress slowed considerably in June, however sustained its decrease tempo in July. In response to Russian financial growth ministry’s preliminary estimate, on-year GDP progress in June and July was round 3 %, down from 4.5 % within the April-Might interval. The final indicator comprising Russia’s 5 core manufacturing sectors urged 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. Progress 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 general 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 12 months and round 1.5 % subsequent 12 months. The newest CBR forecast sees Russian GDP growing by 3.5–4 % this 12 months and 0.5–1.5 % subsequent 12 months.
Russian industrial output has declined in current months
Sources: Rosstat, CEIC, BOFIT.
Notice that as output decelerates, the Central Financial institution of Russia has raised the coverage fee 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.
