The Lastest Macroeconomic News

05.12.2022 20:01 Russia`s GDP Shrinks 4.4% YOY in October

According to the Ministry of Economic Development, in October 2022, Russia`s GDP decreased by 4.4% year-on-year after a 5% contraction in September. In September, performance worsened across the board as domestic demand failed to sustain momentum in the sanctions-insulated economy. However, the fall in GDP in the 3rd quarter. 2022 was generally contained at a level below the expected 4%. October data show that Russia`s economic performance has not improved much in the reporting month and remains vulnerable to a wide range of external and internal shocks, commented BCS Global Markets. Analysts at BCS GM note that "the recent geopolitical shock has put additional pressure on the market and consumption", adding that the outlook for the coming months - with the oil embargo in mind - remains "gloomy". However, while internal shocks led to a significant reduction in consumption, which has remained 10% lower than last year since April, external shocks are mainly manifested in the mining and manufacturing industries, which are also under pressure, falling by 2.7 % and 2.4% year on year respectively in October. At the same time, BCS GM analysts emphasize that October continued to surprise the market with strong performance in construction, where growth was 9.6% year-on-year, last seen in mid-2021. Agriculture also supported the Russian economy, although its growth slowed from 6.7% in September to 4.6% in October.

01.11.2022 18:30 Russian industry slides into 3% decline in September

Russian industrial output in September 2022 declined by 3.1% year on year versus a 0.1% y/y decline in August, according to the latest data from RosStat statistics agency. For 9M22 the overall industrial output still hung in positive territory at 0.4% y/y growth, supported by the strong 5.1% y/y growth seen previously in 1Q22. Previously in July and August the industrial output numbers supported the sentiment that the Russian economy is doing much better than expected under sanctions. But the 3.1% fall in September came as a negative surprise, noticeably worse than a 1% decline expected by the consensus, BCS Global Markets analysts commented on October 27. The analysts warn that as risks for the economy intensify in 4Q22, the industry could shrink by 2.2% y/y in 2022 overall.

18.10.2022 16:54 The best services for cooperation between advertisers and bloggers in 2022

In recent years, many business owners have become more active in the network and offer their products and services online. As competition grows for companies, the issue of promoting their business on the Internet has become increasingly important, which is carried out mainly through various kinds of advertising on thematic sites of bloggers. However, finding suitable sites is not an easy task. In 2022, online platforms for native integrations have become one of the most effective solutions in this area. The involvement of bloggers in the advertising process gives customers good results, and the presence in several services at once allows you to cover the circle of possible contacts as much as possible. Experts in the field of online advertising and native technologies have compiled a list of the five most convenient services that allow businesses to collaborate with influencers in specific marketing niches.

07.10.2022 18:20 Russia to Allow Cryptocurrency Mining in Regions with Abundant Electricity

Russian officials, who have recently been busy with the issue of legalizing cryptocurrencies, believe that the extraction of digital assets should be allowed in those regions of the country where there is an excess supply of electricity on the market. These are, first of all, the subjects in which there are hydroelectric power plants, as well as nuclear power plants. In regions where there is a shortage of electricity, mining is not planned to be allowed.

28.09.2022 18:22 The number of loans issued by MFIs in August increased to 2.68 million, and the average amount to 9.3 thousand rubles.

Loans, including online loans, microloans and payday loans, increased to 2.68 million in August, according to the National Credit Bureau (NBCH), where I share borrower data with microfinance institutions (MFIs). The indicator turned out to be more than the value of the previous month by only 0.1%, but on an annualized basis it grew by 6.6% at once. However, it still remains well below the November 2021 high of 3.17 million, although it is the highest in 8 months. By region, the number of loans issued by MFIs was generally distributed as expected by analysts. Thus, 143,000 loans were issued in Moscow over the month - the highest figure, followed by the Moscow Region and the Krasnodar Territory - 123.3 and 97.4 thousand, respectively. In the Sverdlovsk region and Bashkortostan, people received deputies 96.5 and 89.3 thousand times. In most regions, compared with July, an increase in the indicator was noted, and the Omsk region demonstrated the highest rates - 3.5%.

28.09.2022 16:57 Inflation in Russia is declining, while retail sales are starting to grow

According to the latest data from Rosstat, consumer prices in Russia for the week ended September 12 fell by 0.03% compared to the previous week, while deflation slowed down from 0.13% the previous week. According to his estimates, annual inflation in the reporting week slowed down from 14.08% to 14.06%. It is noteworthy that the main contribution to the slowdown in price decline was made by cucumbers, the price of which increased by 8.4%, as a result of which prices for all fruits and vegetables fell by only 1.6% (while potatoes fell seasonally by 5.17% ). In addition, airfare prices continued to rise, up 3.65% weekly. Many analysts have previously criticized Rosstat for the large weights of vegetables in inflation calculations. If we exclude from the calculations the increase in prices for vegetables and air travel, then deflation has remained in the range of 0.07-0.09% for the past three weeks, which means that the deflationary trend has not yet ended.

10.09.2022 17:41 Russia To Legalize Use Of Cryptocurrency In International Trade

The Bank of Russia and the country`s Ministry of Finance have reconsidered their positions toward cryptocurrency, acknowledging it to be necessary to legalize the use of cryptocurrencies in cross-border settlements, per a report by local news outlet TASS. According to TASS, the two government bodies have agreed that “it is impossible” to continue without enabling cryptocurrency as a legal payment method for international trade. The move comes as Russia dabbles on how to best regulate the Bitcoin and cryptocurrency markets. Swamped in Western sanctions, the world`s largest country has sought alternatives to the U.S. dollar so as to guarantee the efficient trade of its commodities.

02.09.2022 14:59 Russia`s GDP contraction slows to 4.3% in July

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 data from the Ministry of Economic Development. To remind, for 2Q22 overall GDP contracted by 4%. As followed by bne IntelliNews, GDP forecasts for Russia hit by Western sanctions have been improved across the board. The International Monetary Fund (IMF) said Russia`s economy is doing better than expected, upgrading its forecast for the contraction anticipated this year to -6% from -8%. Reportedly, the Ministry of Economic Development is preparing a revised macroeconomic forecast for 2022, upgrading the GDP decline expectations to 4.2% from the previously forecast 7.8% contraction.

01.09.2022 13:27 The Russian version of the InstaJet platform attracted more than 800 bloggers in the first 72 hours of work

Three days after the announcement of the launch of the Russian-language version of Instaget, hundreds of Russian-speaking Instagram bloggers registered on the platform. Thus, the audience showed significant interest in the native integration service, and the registration rates in the first hours even exceeded expectations.

21.08.2022 11:45 Russian inflation falls again to 14.9% in August, fears of a deflationary spiral grow

Russia`s inflation fell 0.13% week on week for the period 9-15 August to an annualised rate of 14.9%, RosStat reported on August 18. Inflation remains high but is being driven lower by a precipitous fall in food prices that has led some economists to worry that Russia runs the danger of falling into a deflationary spiral that could last for years. The imposition of a “massive package” of sanctions by the West has slowed growth, resulting in falling demand. If the population gets to the point where inflation expectations turn negative and they expect prices to fall in the future, then that has the effect of reducing demand further and those expectations become a self-fulfilling prophecy. Deflationary spirals are destructive and can last for years.

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