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BOFIT Weekly Review Yearbook 2017

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BOFIT Weekly Review Yearbook 2017 BOFIT BOFIT Weekly Review Yearbook 2017 Bank of Finland, BOFIT Institute for Economies in Transition BOFIT Weekly Review Editor-in-Chief Jouko Rautava Bank of Finland BOFIT – Institute for Economies in Transition PO Box 160 FIN-00101 Helsinki Phone: +358 9 183 2268 Email: [email protected] Website: http://www.bofit.fi The opinions expressed in this paper are those of the authors and do not neccessarily reflect the views of the Bank of Finland. BOFIT Weekly Review – Russia 2017 6 Jan 2017 BOFIT Weekly 2017/01 Center for Strategic Research report finds little progress in economic reforms Russian employment numbers rose, while unpaid leave and part-time work increased New data show distinctly milder recession in Russia than earlier reported 13 Jan 2017 BOFIT Weekly 2017/02 Costs to firms from regulatory practices discussed in Russia No changes in Russian social entitlements for the time being Russian inflation slowed substantially in 2016 20 Jan 2017 BOFIT Weekly 2017/03 Tepid growth outlook for Russia Russia's Reserve Fund shrank by 70 % last year Russian imports exceed the level of a year ago 27 Jan 2017 BOFIT Weekly 2017/04 Russian output recovers, but consumption slump drags on Russian oil production hits post-Soviet record; growth in output expected to slow Extraordinary budget measures in Russia boosted federal revenues and expenditures in late 2016 3 Feb 2017 BOFIT Weekly 2017/05 Bank profitability improved in Russia, even with a decline in corporate borrowing CBR to buy forex on the market for the finance ministry Russia drops in TI corruption rankings 10 Feb 2017 BOFIT Weekly 2017/06 Official figures indicate Russian economy contracted only mildly in 2016 CBR holds key rate unchanged; policy outlook slightly adjusted Industry recovers in Russia's federal districts, while retail sales continue to contract 17 Feb 2017 BOFIT Weekly 2017/07 Varying performance in Russian manufacturing branches last year Growth returns to Russian goods trade Slight reduction in foreign debt of Russian banks and other firms 24 Feb 2017 BOFIT Weekly 2017/08 Russian government revenues and spending continued to decline in real terms last year Procurements of public sector and state-owned enterprises in 2016 exceeded 30 % of Russian GDP Russian social security system – expensive and rigid 3 Mar 2017 BOFIT Weekly 2017/09 Russia revises industrial output data Russian government sector still dealing with austerity Finnish exports to Russia finally on the rise 10 Mar 2017 BOFIT Weekly 2017/10 Despite stable oil prices, the ruble strengthens and Russia's stock markets fall Fixed investment by Russia's large and mid-sized firms still in low territory 17 Mar 2017 BOFIT Weekly 2017/11 Several factors affect decline in Russian household income and spending Number of passenger cars on the road in Russia rises from 26 million to 45 million in just ten years BOFIT Weekly Review – Russia 2017 24 Mar 2017 BOFIT Weekly 2017/12 Russian economic situation remains weak CBR opens representative office in Beijing European Commission invites comments on EU-Gazprom gas dispute 31 Mar 2017 BOFIT Weekly 2017/13 BOFIT forecast sees Russian economy returning to growth CBR lowers key rate by 25 basis points No decision yet on extending Russian oil production cuts 7 Apr 2017 BOFIT Weekly 2017/14 Russian GDP figures confirm economic recovery in final months of 2016 Russia and Turkey limit bilateral food trade Ukraine receives its fourth IMF loan tranche 13 Apr 2017 BOFIT Weekly 2017/15 Russian foreign trade and capital outflow increased sharply in first quarter Russian central bank and economy ministry expect sluggish recovery in coming years In Russian labour markets wages adjust downwards relatively easily 21 Apr 2017 BOFIT Weekly 2017/16 Russia's economic recovery: waiting Russian ruble continues to strengthen Russian federal budget revenues get a big boost from higher oil prices 28 Apr 2017 BOFIT Weekly 2017/17 New information on Russian industrial output Russian government and businesses have cut back on investments Russia announces changes in banking supervision and restructuring troubled banks 5 May 2017 BOFIT Weekly 2017/18 Russian central bank lowers key rate again Change in the law pushes millions of Russians into Mir payment cards Russian defence spending has increased rapidly 12 May 2017 BOFIT Weekly 2017/19 Inflation slows in Russia Russian defence industry continued to show fast growth last year Russian authorities reconsidering the idea of virtual currency 19 May 2017 BOFIT Weekly 2017/20 Russian GDP growth remains positive Brisk growth in Russian foreign trade EBRD continues financing freeze on Russian projects 24 May 2017 BOFIT Weekly 2017/21 Domestic demand in Russia recovers Russian youth unemployment near European average Arms sales still a minor share of Russian exports 2 Jun 2017 BOFIT Weekly 2017/22 Russia's government budgets started to grow again; government drafted supplementary budget FDI inflow to Russia boosted by the sale of Rosneft stake Rapid growth in Finnish-Russian trade BOFIT Weekly Review – Russia 2017 8 Jun 2017 BOFIT Weekly 2017/23 Despite falling stock and oil prices, the ruble has appreciated this year Investment sluggish in Russia President Putin evaluates economic programme proposals 16 Jun 2017 BOFIT Weekly 2017/24 Russia prepares to raise public sector wages Car sales revive in Russia, while other sales remain weaker Russia has not yet dipped into its oil funds this year 22 Jun 2017 BOFIT Weekly 2017/25 Russia's central bank lowers key rate and revises forecast up slightly Despite promising signs, the basis of Russia's economic recovery remains fragile US drafts changes to economic sanctions imposed on Russia 30 Jun 2017 BOFIT Weekly 2017/26 Ruble exchange rate turned to drop Russian bank lending turning to growth Russia seeks to increase food supply independence through trade and agriculture policies 7 Jul 2017 BOFIT Weekly 2017/27 EU and Russia extend sanctions Russia's finance ministry proposes continuing the pension funding practice of last years Life expectancies in Russia up sharply, but gap between men and women remains huge 14 Jul 2017 BOFIT Weekly 2017/28 Recovery in Russian export earnings and imports continued in second quarter Capital outflows from Russia paused Russia’s deposit insurance agency is given the administration of Yugra Bank 21 Jul 2017 BOFIT Weekly 2017/29 New Russian budget rule frames government spending; sovereign funds to be combined This year's IMF Article IV consultation provides important recommendations to Russia Russian federal budget revenues and spending recover, but are still at a low level 28 Jul 2017 BOFIT Weekly 2017/30 Russian economy gradually recovers High variation in growth trajectories among Russia's manufacturing branches Russia releases 2011–13 GDP figures produced with new methodology 4 Aug 2017 BOFIT Weekly 2017/31 Russian central bank keeps key rate unchanged Number of employed all-time high in Russia Trump signs new Russian sanctions bill Increase in area of land classed as Russian arctic – with much less budget funding 11 Aug 2017 BOFIT Weekly 2017/32 Brisk growth in Russian goods trade continues Russia has the most barriers to trade for European exporters Industrial output in Russian regions rises, while consumption gradually recovers 18 Aug 2017 BOFIT Weekly 2017/33 Russian growth accelerates Moscow launches ambitious housing programme Wages in Russian industry recover to pre-recession top levels BOFIT Weekly Review – Russia 2017 25 Aug 2017 BOFIT Weekly 2017/34 Russia's industrial output recovery varied boldly in recent months Recovery of Russian government budget revenues has brought rebalance Russia's regional budgets and social funds benefit most from recovery in government budget revenues 1 Sep 2017 BOFIT Weekly 2017/35 Central Bank of Russia takes over Otkritie Bank Recovery in Russian fixed investment Russia lowers import duties under its WTO commitments, while devising new barriers to imports 8 Sep 2017 BOFIT Weekly 2017/36 Corporate profits in Russia decline to more conventional levels Changes in area and country structure of Russian goods imports show some stabilisation Rapid growth in Finland-Russia trade 15 Sep 2017 BOFIT Weekly 2017/37 Chinese CEFC to acquire 14 % stake in Russian oil giant Rosneft Russia introducing new import restrictions on public sector and SOE procurements Impact of support measures for Russian monotowns hard to determine 22 Sep 2017 BOFIT Weekly 2017/38 Russian economy showing more signs of recovery B&N Bank now under CBR administration CBR lowers key rate; announces around 4 % inflation target for coming years 29 Sep 2017 BOFIT Weekly 2017/39 BOFIT sees Russian economy continuing moderate growth in coming years Russia has plenty of college graduates, but spends little on education 6 Oct 2017 BOFIT Weekly 2017/40 Russia's public sector finances recover this year; tightening expected next year Much of Russia's GDP growth spurt last spring came from inventories CIS countries have had to relax foreign exchange policies in recent years 13 Oct 2017 BOFIT Weekly 2017/41 Russian export earnings and imports continue to recover rapidly, even if the fastest pace has slowed Moderate net outflow of private capital from Russia Russian GDP forecasts increased in recent months Russian inflation hits historical lows 20 Oct 2017 BOFIT Weekly 2017/42 Russia posts uneven economic performance in September Changes planned for Russian public sector spending structure already next year Russia wants to spur e-commerce 27 Oct 2017 BOFIT Weekly 2017/43 Ruble strengthening
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