Russia is the 11th largest economy in the world with a nominal gross domestic product of $1.6 trillion in 2019. The Russian economy has been hit particularly hard by the Covid-19 pandemic shutdown of the economy. Because Russia’s economy is heavily dependent on its status as a producer and exporter of oil, natural gas, steel, and aluminum, Russia is susceptible to movements in global commodity prices, which have fallen almost 10% during the second quarter of this year. Economists expect Russian GDP to fall 5.5% in 2020. The Central Bank of the Russian Federation recently cut its key policy interest rate in June by 100 basis points to 4.5%. The central bank expects inflation to rise between 3.8% and 4.8% by year end. Although the number of registered unemployed has been rising, analysts expect the Russian unemployment rate to remain below 5.0% in 2020.
Globex: 6R Bloomberg: RUA Curncy Reuters: 0#RUSS:
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