The Russian federal budget posted revenue growth of 50% year on year to RUB11.7 trillion ($128bn) in 4M24, achieving revenue growth rate of 41% y/y in April 2024 alone, according to the preliminary data from the Finance Ministry.
The seasonally adjusted S&P Global Russia Services PMI Business Activity Index just about broke even, posting 50.5 in April, down from 51.4 in March and only just above the 50 no-change benchmark. S&P Global reported on May 6.
The Organisation for Economic Co-operation and Development (OECD) has increased its GDP growth projection for Russia in 2024 from 1.8% to 2.6% in 2024, making it the sixth-fastest growing major economy globally this year.
The 2024 World Press Freedom Index, compiled by Reporters Without Borders (RSF), was released today. This year, the agency highlights a “worrying decline in support and respect for media autonomy and an increase in pressure from the state.
After coming to a total stand still in the months after the invasion of Ukraine two years ago, Russia's automotive sector has almost made a complete recovery and is on course to sell 1.3mn cars this year - AEB
Russia's Finance Ministry ran an extreme stress test on the economy for this year that assumes zero growth, a weakening ruble and falling oil and gas revenues in the worst-case scenario.
The board of the Central Bank of Russia (CBR) resolved to keep the key interest rate unchanged at 16% at the policy meeting on April 26, making a third meeting in a row that the rate is maintained flat.
The National Bank of Ukraine (NBU) lowered the key policy rate by 100bp to 13.5% on April 25 and improved its inflation forecast as price pressure ease.
Ukraine’s population collapsed to 29mn souls last year, according to Ukraine Business News, with just 187,000 births recorded (including in Russian-occupied territories). This is the lowest annual figure in recorded history over the last 300 years.
Russia posted a $13.4bn current account surplus in March, more than double February’s $5.5bn and the second highest level for a March since 2007.
Ukraine's inflation rate dropped to its lowest level in more than three years in March 2024, marking a significant slowdown in consumer price growth, according to data released by the State Statistics Service.
On Monday, 8 April, Germany sent an advance team of 20 soldiers to Lithuania, laying the groundwork for the recently discussed establishment of a permanent brigade in the Nato country, Statista reports.
The ruble is rising to become the main currency for settling Russia’s foreign trade payments, reducing the role of the Chinese yuan in the process, the Central Bank of Russia reported on April 8.
Winter is over, as the EU gas tanks switch from withdrawals to filling mode again in preparation for next winter. Injection into the gas tanks started on April 1, a week earlier than in 2023 and started at an all-time high record level of 59.3% full.
Russia’s manufacturing sector in March 2024 continued to see a sharp improvement in its health, according to latest PMI reports from S&P Global.
Ukraine’s banking sector had a strong year in 2023, ending with a cumulative UAH85.5bn profit, despite taking a UAH44bn hit in December when the banks were forced to pay a 50% one-off tax on profits.
Patriotism in Russia is at an all-time high, according to a recent poll conducted by the Russian Public Opinion Research Center (VTsIOM) published on March 29. An overwhelming majority (94%) of Russians identify themselves as “patriots.
The share of non-resident holders of Russian Finance Ministry’s OFZ treasury bills fell again in February to 7.2%, or RUB1.4 trillion, of the total outstanding bonds worth RUB20.1 trillion ($217bn), as Russia’s state-owned banks take up the slack.
Russia external debt has been falling steadily and reached $326.6bn in December 2023, compared with $322.3bn in the previous quarter and $383.6bn at the end of 2022. It could pay the entire amount off tomorrow – in cash.