The seasonally adjusted S&P Global Russia Services PMI Business Activity Index registered 51.1 in September, up from 49.9 in August, the company reported on October 5.
Russia’s contraction in industry slowed in August after industrial production posted a mere 0.1% contraction y/y in August, RosStat reported on September 29.
Since the war in Ukraine started Russian President Vladimir Putin’s approval rating has shot up and has remained consistently between 82-83%, according to the independent pollster the Levada Centre.
Russia is on track to smash all previous records with the size of this year’s grain harvest. Russian President Vladimir Putin said that the bumper harvest could be as big as 150mn tonnes this year on September 27.
The Board of the Central Bank of Russia resolved to cut the key interest rate by 50 basis points to 7.5% at its policy meeting of September 16, making a sixth consecutive cut, but slowing the pace of monetary easing in line with expectations.
Russian consumer prices for the week ending September 12 deflated by 0.03% week on week, with deflation moderating from 0.13% seen in the previous week, according to the latest RosStat data. It estimated that annual inflation slowed from 14%.
Russian President Vladimir Putin gave the most optimistic forecast for this year’s economic performance of any government yet, saying that there will be no budget deficit and that economic contraction will be no more than 2.5% on September 7.
Russo-Chinese trade turnover was up by 31.4% in the first eight months of this year to $117bn and is on course to hit $200bn, the General Administration of Customs of China reported on September 7.
The gross international reserves of the Ukrainian central bank rose 13.6% in August to $25.44bn after the country received billions of dollars in support from its international partners and started to see the benefit from frozen debt payment deals.
The sales of passenger cars and light commercial vehicles in Russia in August dropped by 62% year on year to 41,700 vehicles, according to the Association of European Businesses.
Ukraine’s banking sector was back in profit for the year in July, but only just, earning a cumulative UAH3.4bn ($91.98mn) in the year to date, according to the latest data from the National Bank of Ukraine.
The seasonally adjusted S&P Russia Manufacturing Purchasing Managers’ Index (PMI) posted 51.7 points in August 2022, above the no-change mark indicating expansion, up from 50.3 in July and showing the strongest improvement in manufacturing.
Russia’s GDP contracted by 4.3% year on year in July 2022, moderating the decline of 4.9% y/y seen in June, according to the latest date by the Ministry of Economic Development. To remind, For 2Q22 overall GDP contracted by 4%.
The population’s expectations for inflation rose in August to 12% on average from 10.8% a month earlier in the coming 12 months against the actual rate of 15.1% recorded in July.
Russia’s economy continues to do better than expected with industrial production falling only 0.5% y/y in July as after six months of war business adapts to the new conditions and put in a small gain in seasonally adjusted terms, Rosstat reports.
Russia is on track for a record wheat harvest of 94.7mn tonnes, smashing the previous record of 84mn tonnes set in 2018, but exports are down by a quarter (27%) in the first two months of the new agricultural marketing year.
Ukraine will never fully regain the population lost to death and mass displacement since Russia’s invasion in February, according to the latest set of projections from the United Nations.
Russia’s inflation fell 0.13% w/w for the period 9-15 August to an annualised rate of 14.9%, RosStat reported on August 18.
Russia’s Ministry of Economic Development is preparing a revised macroeconomic forecast for 2022, revising the GDP decline to 4.2% from the previously forecast 7.8% contraction -- the mildest forecast yet for this year's contraction.
Governments in several counties across Emerging Europe have launched pro-natal policies where parents receive financial benefits and tax breaks for having more babies.