Add to favorite
Subscribe to our Newsletters Subscribe to our Newsletters Get Daily Updates RSS

Central Bank: Economic Decline in Russia in the Third Quarter was 3.6 %
23.11.2020 12:19
Central Bank: Economic Decline in Russia in the Third Quarter was 3.6 %

The Central Bank expects the economy to decline by 4-5 % by the end of the year, Kirill Tremasov, head of the Bank of Russia's monetary policy department said.

      The decline was 3.6 % in the third quarter, while it is expected to be 5 % in the fourth quarter, Mr. Tremasov added. "The estimate suggests that the dynamics  will deteriorate in the fourth quarter. The third quarter was 3.6 %. In the fourth quarter, it is likely to be 5 %, perhaps even a little deeper," Mr. Tremasov said at the meeting of the RSPP Financial Industry Commissions (quoted by Interfax) adding that, over the  year, the decline is likely to be closer to 4 %. At the same time, the economic recovery that was observed in the third quarter was "stormy" in terms of consumer demand, Mr. Tremasov said.

      “Especially in retail: we have actually returned to pre-crisis levels, although there is a big failure in services and the recovery will take a longer period. This sharp recovery, supported by both fiscal and monetary policy, is now paused due to the impact of the second wave of the pandemic. Moreover, the influence goes both through external channels and  internal ones,” he said.  


Author: Anna Dorozhkina

Tags: Central Bank Russian economy    

Next Previous

You might also find interesting:

Ruble Lost One-sixth of its Value in a Year
Moscow will Subsidize Art Galleries and Business in the Field of Education
Net Inflow to Funds Investing in Russia Fell from $ 120 Million to $ 10 Million over the Week
23 Russian Companies Entered the List of the Largest in the World
The Growth of Online Trading in Russia Accelerated due to a Pandemic

comments powered by Disqus

Comment on our site

RSS   twitter   facebook   submit

Bookmark and Share

Inna Churikova  Old Greece  Russian Academy of Sciences  ski jumping  Akhmatova  Moscow  Russian business  Exhibitions in Moscow  Britney Spears  Life Saving  Constructivism  Russian culture  Rituals  Orthodoxy  Tatarstan  St. Petersburg  Arctic shelf  book hotel in Russia  Robots  Festivals in Moscow  Russian Monuments  Yekaterinburg  Russian Cinema  Russian media  Garry Winogrand  Soviet Architecture  Russian tourism  Nina Niss-Goldman  DDT  Novosibirsk  Russian society  Russian politics  Fountains of St. Petersburg  travel to Russia  ice entertainment complex  Perm  Easter  southern Russia  Russian regions  education  Russian history  Intel  Russian Metro  Nikolay Rimsky-Korsakov  Maria Sharapova  Andrey Zvyagintsev  Mercedes-Benz Fashion Week Russia  Karachay-Cherkessia  Fyodor Dostoevsky  Kirov Region 

Travel Blogs
Top Traveling Sites