Add to favorite
 
123
Subscribe to our Newsletters Subscribe to our Newsletters Get Daily Updates RSS
russian visa


Recession Relapse in Russia
August 29, 2012 00:46

No need to be anxious about a possibly looming crisis, says a former Putin aide, Russia is already in the midst of one.

Russia has sunk back into recession, entering its double-dip, and has been wading through it for nine months now, according to Andrey Illarionov, senior presidential economic advisor in 2000-2005. A recession is formally defined as at least two consecutive quarters of economic decline.

Illarionov’s statement, posted on his blog, relies on the trends in the so-called real output index, comprising some 60 percent of the GDP. In July, it dropped 0.4 percent compared to June, and fell 1.7 percent from its high in November 2011. These data differ from official figures provided by the Federal Service for State Statistics, in part because they are based on year-to-year comparisons.

 12

The index, which is produced by the national Institute of Economic Analysis, gives the big picture behind fluctuations in such vital areas as industrial production, exports and imports. Except for industrial production, other key indicators have been down, with agriculture being hit hardest.

The table below is a representation of the changes in percentage points.  

Indicators

July 2012 vs November 2011

July 2012 vs peak

Real Output

-1.7

-1.7

Industrial Production

1.2

0.0

Agricultural Output

-19.6

-21.6

Commercial Freight Turnover

-0.4

-1.3

Capital Investment

-9.6

-9.7

Retail Trade Volume

0.8

-0.4

Exports (June 2012)

-10.0

-10.0

Imports (June 2012)

-3.8

-4.6

Real Disposable Income

1.0

0.0

Andrey Illarionov is a senior fellow at the Cato Institute's Center for Global Liberty and Prosperity. In 1994 he founded the Institute of Economic Analysis (IEA) as an independent, non-profit organization focusing on economic policy and market economy.

If you need more data on where the Russian economy stands now and its prospects, feel free to contact Russia-IC by clicking here.




Author: Mikhail Vesely

Tags: economic crisis Andrey Illarionov real output index Institute of Economic Analysis Cato Institute 

Next Previous

You might also find interesting:

New Burst of Violence in Ukraine: Freshest Information and Videos Best #Sochi Tweets Ahead of 2014 Games Sochi Winter Olympics 2014 - Medals and Winners (daily updates) Grand Prix of Russia "Formula 1" 2020 Russian Law: Bitcoins in Focus









Comment on our site


RSS   twitter   facebook   submit

Bookmark and Share

search on the map
TAGS:
Rusisan business  Seafarers  Chelyabinsk  Moscow Kremlin   Solar Batteries  Ski resorts  Russian ballet dancers  Easter Eggs  St. Petersburg  FIFA Russia 2018  Mercedes-Benz Fashion Week Russia  Moscow traffic  Optina Pustin  Lomonosov  Chelyabinsk Regional Museum of Local History  Cannibal Corpse  residence  Exhibitions in Moscow  Russian fashion  Festivals  The Saratov region  Headdresses  Russian Music Instruments  travel to Russia  Gravitation Waves  Must See Places  Russian Cinema  Russian regions  Fabio Capello  Pskov  Russia-Italy  Samara Region  Vasily Polenov  Festivals in Moscow  Moscow parks  Russian designers  Russian hockey  Russian Theater  New Films  Russia ice hockey  Vladimir  State Literature Museum  Russian business  Russian trade  Moscow  Lagan  New Year celebrations  Tara  Russian tourism  Alexander Fersman 


Travel Blogs
Top Traveling Sites