Opec may have agreed a production cut deal with oil producers, including a 300,000 barrel cut in Russian production, but Russia’s oil production continues to run at record highs and leading companies are not keen to cut.
The Russian business weekly Expert finds that firms operating in the oil & gas sector continued to dominate in its annual list of Russia’s 400 largest companies, with Gazprom in the top slot
Russian GDP was down 0.5% y/y in October, 0.7% y/y contraction for 10M16.
The arrest of the economy minister for allegedly taking a $2mn bribe has cast a shadow of widespread corruption at the heart of government and to a lesser extend on President Vladimir Putin, according to the Levada Center.
President Vladimir Putin’s rating rose to its highest in 4 years of 86% of Russians who say they are happy with the president, according to independent pollster the Levada Center in October, up from a brief dip to 72% a month earlier.
Russia’s retail sales ticked down -4.4% as unemployment ticked up in October to 5.4%
Russian income figures deteriorated in October after a brief respite in September. Both nominal and real disposable incomes fell, while real incomes were the only indicator to improve.
The Russian shopping footfall index accelerated again in the 44th week of the year as consumer confidence gains pace and the public starts spending again amid a slew of gradually improving macro indicators.
While GDP is in decline for the seventh consecutive quarter, the contraction in July-September is the slowest in the series.
bne’s Despair Index values are contained in most developed countries of the world and many of the former Eastern Bloc countries have scores on a par with their Western peers. But the share of poverty remains too high in many countries.
Russia’s ruble-denominated MICEX index set a new all-time high of 2061.68 on November 10 on the bounce back from the election of Donald Trump as US president while the dollar-denominated RTS went over 1000 for the first time in two years.
Half of Russia's population are at risk of falling into poverty, a report from the World Bank says, but the bne IntelliNews despair index has been recovering to pre-crisis levels.
Previously the ministry forecast $40bn would leave Russia this year, down from the peak of $133bn that left in 2008.
The World Bank upgraded its estimate for the contraction of the Russian economy from -0.8% this year to -0.6% on November 9, reports Interfax.
Russia's international reserves decreased by 1.8% in October to $390bn
Turkey is at the bottom of the World Justice Project Rule of Law Index 2016 but only just above Russia, Kyrgyzstan and Ukraine.
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