Reports

Russian Country Report Jun23 - June, 2023

June 2, 2023

Russia's GDP experienced a contraction of 2% year-on-year in the first quarter of 2023, according to preliminary estimates from Rosstat. The decline in GDP was less severe compared to the same ... more

Russian Country Report May23 - May, 2023

May 4, 2023

Russia's economy is performing better than expected, despite the problems caused by extreme sanctions. The Bank of Russia has improved its forecast for inflation and GDP growth, predicting a range ... more

Russian Country Report Apr23 - April, 2023

April 2, 2023

There is little sign of an economic improvement despite the surprisingly robust year Russia put in in 2022 in the face of ten rounds of extreme sanction imposed following Russia’s invasion of ... more

Russian Country Report Mar23 - March, 2023

March 2, 2023

The sanctions onslaught on year on were aimed at destroying the economy. Twelve months ago, Western nations responded to Russia's invasion of eastern Ukraine with an unprecedented ratcheting up ... more

Ukraine Country Report Feb23 - February, 2023

February 2, 2023

As this month’s report goes to press Berlin has given the go ahead to send modern main battle tanks (MBTs) to Ukraine that could change the course of the war. As of the end of January a total of ... more

Russian Country Report Feb23 - February, 2023

February 2, 2023

The Russian economy went into a tailspin in the weeks immediately following Russia’s invasion of Ukraine and further escalation of Western sanctions caused by the invasion. Last spring, the ... more

Ukraine Country Report Jan23 - January, 2023

January 2, 2023

In December European Commission President Ursula von der Leyen accidently revealed the cost to Ukraine of the war in a speech. “It is estimated that more than 20,000 civilians and 100,000 ... more

Russian Country Report Jan23 - June, 2023

January 2, 2023

The Russian economy ended 2022 in a far better state than many had anticipated in the spring following the invasion of Ukraine and ensuing Western sanctions. The fall in GDP has only amounted to ... more

Iran Country Report Nov22 - November, 2022

November 4, 2022

Iran’s economy grew at a rate of 3.8% in the first quarter of the current Persian calendar year (March 21–June 21), state broadcaster IRIB has reported, citing data from the Statistical Centre of ... more

Georgia Country Report Nov22 - November, 2022

November 4, 2022

In Georgia, the real gross domestic product (GDP) growth rate in August amounted to 10.5% y/y, and 10.3% y/y in January-August. Economic activity has been stronger than expected with real GDP growth ... more

Turkey Country Report Nov22 - November, 2022

November 4, 2022

Turkey cut its policy rate further by 150bp to 10.5%. The central bank’s monetary policy committee (MPC) also said that it has “evaluated taking a similar step in the following meeting and ending ... more

Ukraine Country Report Nov22 - November, 2022

November 4, 2022

The war grinds on and the Ukrainian economy is being slowly destroyed. On October 10 Russia launched its own counteroffensive, targeting Ukraine’s power infrastructure. As of the time of writing ... more

Russia Country Report Nov22 - November, 2022

November 2, 2022

Economic activity stabilised in Russia in Q3 after the deep downturn in Q2. Car sales have bottomed out, manufacturing has bounced back and bank credit has started to flow again. Analysts think ... more

Iran Country Report Oct22 - October, 2022

October 10, 2022

Iran’s economy grew at a rate of 3.8% in the first quarter of the current Persian calendar year (March 21–June 21), state broadcaster IRIB has reported, citing data from the Statistical Centre of ... more

Georgia Country Report Oct22 - October, 2022

October 10, 2022

Economic activity has been stronger than expected, with real GDP growth estimated at 10.5% y/y in the first half of 2022. This growth has been driven by transportation, energy, hotels and ... more

Turkey Country Report Oct22 - October, 2022

October 10, 2022

Turkey is by now accustomed to its path of collapse, and the country continues to move along it. Global markets, meanwhile, are breaking out in a sweat over the Fed tightening and interwoven ... more

Ukraine Country Report Oct22 - October, 2022

October 10, 2022

September was marked by spectacular military successes for Kyiv and a stabilisation of the government’s financial position. The counter offensive launched at the start of the month around Kharkiv ... more

Russia Country Report Oct22 - October, 2022

October 10, 2022

Russian politics was thrown into chaos after Russian President Vladimir Putin introduced a partial mobilisation on September 21, calling up 300,000 reservists to fight in Ukraine. Within a week ... more

Turkey Country Report Sep22 - September, 2022

September 5, 2022

Turkey on August 18 introduced another shock rate cut. The USD/Turkish lira (TRY) pair, which had been testing the 18-level for around a month, crashed through the 18/$ threshold towards 18.15. ... more

Ukraine Country Report Sep22 - September, 2022

September 5, 2022

The war grinds on in Ukraine with no end in sight. There was the hope a peace fire could be reached in April during the Belarusian talks, but that faded away after the massacre at Bucha* and ... more

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