TheBank of Russiahas projected a 1.5% to 2% growth of the country’s economy in 2020 in its latest forecast, despite a rapidly spreading coronavirus outbreak across the globe and a drop in production in January, Kommersantreports. In itsreport, the central bank added that a heightened up domestic demand alongside an unprecedented growth in budget expenses would likely to ramp up Russia’s economic activity. The regulator also cautions a peevish growth momentum over the coming months as a number of newer cases of a novel Coronavirus infection had been rising rapidly. “A significant risk for the forecast remains the weakening of external demand. Read more...
The Russian Central Bank said on Monday that Inflation in the country in May slowed 0.1 percentage points (pp) compared with April and amounted to 5.1% in annual terms, Delovoi Peterburgreports. The slowdown was due to a decline in the growth rate of non-food product prices, primarily due to the high base effect on the motor fuel market, the regulator said. At the same time, the monthly growth of consumer prices net of seasonal factors in May accelerated by 0.1 percentage points to 0.4%, due to an increase of the rate of rise in food prices. The growth rates of prices for services decreased, non-food products remained at the lowest level since August last. Read more...
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