Consumer prices in Russia declined 0.03% in the week to July 8 after climbing 0.23% a week earlier, according to new data which kept the door open for the central bank to consider cutting rates as.
Russia improves Q1 GDP assessment to contraction of 0 7% y/y reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
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MOSCOW (Reuters) -Russia’s economy avoided catastrophe during the height of the COVID-19 pandemic and is now approaching pre-crisis levels, President Vladimir Putin said on Friday, an assertion backed up by data showing a 34.7% jump in retail sales in April.
FILE PHOTO: A shop assistant puts a sale sign on a show window in Moscow, Russia June 18, 2020. REUTERS/Shamil Zhumatov
Russia’s commodity-dependent economy is on the mend after a 3% contraction in 2020, its sharpest in 11 years, when lockdown restrictions stifled economic activity, but officials say a recovery to levels of late 2019 is imminent.
Retail sales, a barometer of consumer demand and Russia’s key economic driver, rose 34.7% in year-on-year terms, the Federal Statistics Service Rosstat said, beating a 23% increase forecast in a Reuters poll of analysts.
By Reuters Staff
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MOSCOW, April 1 (Reuters) - Russia’s economy shrank by 3% in 2020, its sharpest decline in 11 years as the global COVID-19 pandemic took its toll, revised official data showed on Thursday.
The figures from the Federal Statistics Service Rosstat were marginally better than Rosstat’s preliminary estimate that gross domestic product fell by 3.1% last year.
The coronavirus outbreak paralysed business activity in 2020, prompting the central bank to slash interest rates to a record low 4.25%, while a drop in global oil prices dented Russia’s revenues.
Russia held up better than some other countries hit hard by the pandemic, including Germany and Britain, which saw their economies shrink by 5% and 9.9% respectively last year, but it lagged China’s economy, which grew 2.3%.