A decrease in exports was the main drag on Russia’s GDP growth in the second quarter of this year, as it deepened from -0.4% YoY in 1Q19 to -4.9% YoY in 2Q19, analysts comment after official data on the structure of Russia’s economy was published earlier this week. The drop in exports was a result of lower global demand for metals, Russia’s OPEC+ commitments and the temporary halt in oil exports via the Druzhba (Friendship) pipeline. Deterioration of net exports caused by external or temporary factors (not fiscal or monetary policies), knocked off 1.7 percentage points from the 2Q19 GDP growth rate,INGsaid. Rosstat previouslyestimatedRussia’s GDP. Read more...
Participants at an investment media forum 'It's time for Moscow' held at the city's International Trade Center say Russia's economic crisis brings opportunities, despite the challenging financial climate. The key focus of the event, December 8-10, was how the Russian capital could continue to attract foreign investment at a time of economic and geopolitical turbulence. Moscow remains one of the largest world markets, Sergey Cheremin, head of Moscow's Department for Foreign Economic and International Relations, told the forum. Natural drivers of growth, such as infrastructure objects, still attract foreign companies,. Read more...
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