Download Russia’s Monthly Economic Evolution (September 2021) in PDF format
Global economic activity continued to lose momentum in August as the recovery stabilized and the new outbreak of the Delta variant curbed services, while commodity costs have been volatile and have risen recently.
In Russia, the spread of COVID-19 is on the rise again after accelerating in September. The threat is pronounced, while national vaccination rates remain low. Strong exports of raw fabrics and other commodities have generated a strong surplus in the existing account so far this year. , despite the dynamism of imports, and the ruble appreciated this month by 0. 5%, outperforming other EMDEs.
The momentum of economic expansion weakened in August as the recovery stabilized in commercial sectors, while agriculture rejoiced in weak harvests. Inflation continues to rise, reaching 7. 4% in September, basically driven by high food prices. At the same time, the labor market continues to enjoy positive momentum. The budget shows strong consolidation compared to last year, with physically powerful revenues outpacing moderate spending expansion. Lending expansion continues, although at a slower pace.
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