From BOFIT today (as translated by Google):
According to the Russian Statistical Institute’s preliminary estimate, Russia’s GDP grew by 4% year-on-year in April-June. Growth has clearly slowed down in recent months. In June, (seasonally adjusted) production declined in industry and construction. In June, the long-continued growth also slowed down in consumption-driven sectors. The sharp increase in the average real monthly wage has slowed down and the level of the average wage has remained almost unchanged in recent months.
Although the growth in consumer demand has slowed down, domestic production and imports have developed even more poorly. The escalation of supply problems has further accelerated inflation. In July, consumer prices rose at the fastest monthly rate since spring 2022. According to the Russian Central Bank, seasonally adjusted and annualized inflation was already 16% in July. Compared to July of the previous year, consumer prices rose by 9%. Inflation was partially accelerated by the increase in the prices of regulated municipal services at the beginning of July.
Graph of production:
Source: BOFIT, accessed 8/15/2024.
