Russia Economy - August 2016

Source: OPEC 8/23/2016, Location: Asia

The Economy Ministry announced that the first GDP estimate shows a contraction of only 0.6% y-o-y in 2Q16, after a 1.2% decline in 1Q16. This represents the smallest contraction in the economy since it fell into recession in 1Q15. The Ministry reported that “industrial production, transport and agriculture were the main factors behind the contraction slowdown, while construction and retail sales continued having a negative impact”. After appreciating 0.5% m-o-m vs. the dollar in June, the ruble appreciated 2.5% in 2Q16, compared with depreciation of 0.7% in 1Q16. It continued appreciating in July by 1.7% m-o-m. Inflation continued posting sub-8% readings for the fifth month in a row in July, registering 7.2%. By leaving its benchmark interest rate at 10.5% in July, the central bank showed its cautious approach towards inflation, which severely hit household consumption the previous year. Another deterioration in the business conditions of the manufacturing sector in July was reported by the IHS Markit manufacturing PMI survey. The index went back into contraction territory the previous month amid a decrease in new business and slower production growth alongside less employment. The index posted 49.5 in July, from 51.5 a month earlier. On the other hand, business conditions in the services sector improved in July, according to its respective PMI. The survey showed the fastest pace of growth in output since February 2013, together with highest increase in new orders for 42 months, which lead to job creation in the services sector. On a related note, a slower contraction in retail sales continued in 2Q16. It dropped by 5.6% y-o-y in 2Q16 versus a 5.8% and 12.5% contraction in the previous two quarters, respectively. A notable slowdown in the GDP’s rate of contraction in 2Q16 with strong performance in the services sector and an unemployment rate that is under control, along with easing inflation, have all prompted a GDP forecast revision for 2016 to a deceleration of 0.8% instead of the previous contraction figure of 1.0%. For 2017, the forecast remains at 0.7% growth.


United States >>  5/23/2022 - The Port of Corpus Christi experienced double-digit volume growth in the first four months of 2022, establishing new records for tonnage and revenues....
Italy >>  5/19/2022 - Prospex Energy plc, the AIM quoted investment company, is pleased to announce its audited Final Results for the year ended 31 December 2021.

...


Tanzania >>  5/19/2022 - Orca Energy Group Inc. has filed its condensed consolidated interim financial statements and management’s discussion and analysis for the three month ...
United Kingdom >>  5/19/2022 - The Getech Group announces its Final Results for the 12 months ended 31 December 2021.

Highlights
A transformational year, investing ...


Singapore >>  5/18/2022 - ? Completion of multiple key projects with successful deliveries to customers
? Landmark win in renewable energy sector with newbuild contract f...

United States >>  5/18/2022 - Key Takeaways
- Operational capacity almost doubled, supporting substantial production and revenue increases.
- Fleet expanded by more tha...


Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.