Contents tagged with Economy of Russia

  • Number of bankruptcies in Russia have reached a record level

    The number of bankruptcies in Russia in the third quarter increased by 3% compared to the second quarter. The country registered 3,227 bankruptcies, higher than July-September 2016. These increases were reported by the Center for Macroeconomic Analysis and Short-term Forecasting.

    The report notes that two factors could have led to the increase in the number of bankruptcies: weak consumer demand and a slow decrease in the key rate. The Russian Federal State Statistic Service or Rosstat …

  • Net outflow of capital from Russia tripled in period from January to October

    Based on the review of the Central Bank of the Russian Federation, net capital outflow in Russia from January through October 2017 increased almost 2.8 times in the annual comparison, according to preliminary estimates, reaching $23.8 billion compared to $8.6 billion in the same period last year.

    "Net capital exports by the private sector, according to preliminary estimates of the Bank of Russia, totaled USD 23.8 billion (USD 8.6 billion in January – October  2016)," the regulator’s review …

  • Russian ex-Finance Minister says investments in Russia fell by 7 times

    The former head of the Russia Ministry of Finance and head of the Center for Strategic Research, Alexei Kudrin, said that in the recent years, including the period after the introduction of sanctions, direct foreign investment in the Russian economy declined sevenfold. Kudrin discussed this issue during the Moscow Exchange Forum 2017 in New York, RBC news agency reports.

    "Foreign direct investment in our country used to reach 70 billion dollars a year before the crisis of 2009 and immediately …

  • Net capital outflow from Russia has grown more than 1.5 times

    In the first half of 2017, net capital outflow from Russia increased 1.7-fold to $14.7 billion, compared to $8.6 billion during the same period in 2016, as indicated in the data published on the official website of the Bank of Russia.

    Analysts of the Central Bank explained that this trend is caused by activity in the banking sector connected to increases in residential customer accounts in early 2017, as well as the banks’ repayment of external debt obligations.

    "Other sectors that saw some …

  • Russia is in the top 5 of the world's largest shadow economies

    According to a report by the International Association of Chartered Certified Accountants (ACCA), Russia is in the top five countries with the largest shadow economies. There are 28 countries included in the rating.

    Russia has the highest a shadow economy index, almost 84% higher than the world average. The volume of its shadow economy is estimated at 33.6 trillion rubles, or 39% of the country's GDP. According to the experts, the situation is worse only in Ukraine (46% of GDP), Nigeria (48% …

  • Russian analyst: The ruble will continue to fall

    The payment of the mineral extraction tax in Russia was completed, and at the same time the ruble stopped gaining strength, which again turned out to be “in the hands of geopolitics and oil quotations,” stated analyst for the eToro investor social network in Russia and the CIS, Mikhail Mashchenko.

    As of 17:46 Moscow time, the dollar rate calculation for “tomorrow” added 16 cents to the previous close and reached 58.9325 rubles. At the same time, the rate of the euro rose almost 81 kopecks to 66 …

  • Experts say Russian regions are rapidly becoming poorer

    The growth of the Russian economy for the last three fiscal quarters at the federal level, which Rosstat (Russian Federal State Statistics Service) has been reporting about, is still not visible in most regions, news website writes citing experts from Russia’s National Research University Higher School of Economics.

    As reported in "Comments on the State and Business," nearly 60% of the territories of the Russian Federation are in a recession. This is the second month in a row that …

  • Net outflow of capital from Russia more than doubled from January to May

    According to the Central Bank of Russia, the net capital outflow from Russia increased by 120% in January-May 2017, reaching $22.4 billion as compared to $10.3 billion in the same period last year, according to preliminary estimates.

    "Since the beginning of the year, the net outflow of capital by the private sector, according to preliminary data, has risen to $22.4 billion, as compared to $10.3 billion the year prior," the regulator's survey notes.

    As the Central Bank explained, "the …

  • Crimean Political Scientist: Construction of the Kerch Bridge will not change anything

    According to associated professor at Tavrida National University and Crimean political scientist Yevhen Goryunov, the construction of the Kerch Bridge will not change the economic situation of the annexed Crimean peninsula, as stated by him during the telethon “Crimea. Three years of resistance.”

    According to him, if the Kerch Bridge is finished, it will not bring any benefits to the peninsula due to the economic situation in neighboring Russia.

    “If it [the Kerch Bridge] will be completed, I …

  • Non-oil-and-gas exports from Russia fell to a seven year low

    The Russian export of goods excluding oil, gas, and oil products decreased by another 10% in 2016, as reported by the Central Bank of Russia.

    Despite the authorities' statements about success in the development of non-mining sectors of the economy, the volume of non-oil exports totaled $128.3 billion, the lowest since 2009.

    According to the Federal Customs Service of Russia, over the past 11 months the export of machinery fell by 1.5%, mechanical equipment by 29%, chemical products by 23.7%, …