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BOFIT Weekly Yearbook 2009

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BOFIT Weekly Yearbook 2009 BOFIT BOFIT Weekly Yearbook 2009 Bank of Finland, BOFIT Institute for Economies in Transition BOFIT Weekly Editor-in-Chief Seija Lainela Bank of Finland BOFIT – Institute for Economies in Transition PO Box 160 FIN-00101 Helsinki Phone: +358 10 831 2268 Fax: +358 10 831 2294 Email: [email protected] Website: www.bof.fi/bofit The opinions expressed in this paper are those of the authors and do not necessarily reflect the views of the Bank of Finland. BOFIT Weekly --- Russia 2009 1.1.2009 BOFIT Weekly – Russia 1/2009 Rouble continues to weaken. Growth continued to fade in November. Economic development ministry scenarios see signifi-cantly slowing economy in coming year. Government identifies enterprises crucial to economic system. Four trillion roubles in financial sector support already released. 9.1.2009 BOFIT Weekly – Russia 2/2009 Russian oil production in decline. Russia won’t openly commit to OPEC production cuts. Russia and Ukraine lock horns again on pricing of natural gas contracts and transmission fees. Stimulus legislation enters into force. 16.1.2009 BOFIT Weekly – Russia 3/2009 Rouble’s decline continues after market reopens January 11. Current account surplus shrank substantially in 4Q08. Moscow stock exchanges post worst performance in a decade. Economic woes impairing banking sector growth. Inflation subsided towards the end of 2008. 23.1.2009 BOFIT Weekly – Russia 4/2009 CBR announces new rouble policy. 2008 federal budget remained strongly in the black. Finance ministry alters this year’s federal budget. Changes in custom tariffs to support the economy. Government approves 2020 development plan. 30.1.2009 BOFIT Weekly – Russia 5/2009 Russian central bank modifies exchange rate policy. Economy continued to falter in December. Further downward revisions in forecasts of Russian economic growth 6.2.2009 BOFIT Weekly – Russia 6/2009 Central bank tightens monetary stance to ease devalua-tion pressures on rouble. Russian GDP growth down sharply in 2008. Government moves ahead with long-term strategy for development of financial markets. 13.2.2009 BOFIT Weekly – Russia 7/2009 CBR announces rate hikes to support rouble. Fitch downgrades Russia’s creditworthiness. Foreign trade down in the end of 2008. Government commits to additional, but selective, bank support. 20.2.2009 BOFIT Weekly – Russia 8/2009 Russian share prices continue to decline. Economic conditions deteriorated further in January. Russia’s car industry on the ropes. Banking sector grew thanks to state support and weaker rouble. BOFIT Weekly --- Russia 2009 27.2.2009 BOFIT Weekly – Russia 9/2009 New support for a struggling production sector. Russia begins LNG production. Rising unemployment worries Russians. 6.3.2009 BOFIT Weekly – Russia 10/2009 Rouble exchange rate hit harder than currencies of many other raw material exporters. Russia’s currency reserves no longer hemmoraging. Prosecutor General’s office investigating possible abuses at Russia’s state investment company. 13.3.2009 BOFIT Weekly – Russia 11/2009 Inflation remains high amidst economic slowdown. Russia raises oil export duty. Russia’s economic troubles reflected in lower Finnish exports. 20.3.2009 BOFIT Weekly – Russia 12/2009 Falling apartment prices in Russia. Medvedev prioritises the fight against corruption. Nord Stream submits environmental impact report to Finnish officials. 27.3.2009 BOFIT Weekly – Russia 13/2009 Latest BOFIT forecast sees modest contraction in Russian GDP this year. Weak economic performance in February. Russian state increasingly cautious about refinancing foreign borrowing of private corporations. 3.4.2009 BOFIT Weekly – Russia 14/2009 CBR signals lower interest rates. Revised 2009 budget draft emphasises measures to deal with the economic crisis. 9.4.2009 BOFIT Weekly – Russia 15/2009 Small banks called on to increase their capital base or leave the market. Risk of growing bank credit losses causes concern. Putin tells Duma about the impact of economic crisis on reforms. 17.4.2009 BOFIT Weekly – Russia 16/2009 Klepach estimates GDP contracted 7 % y-o-y in first quarter. Current account surplus shows significant drop in first quarter. Russia’s foreign debt declines. 24.4.2009 BOFIT Weekly – Russia 17/2009 Economic slide continued in March. More gas pipeline options than ever. 30.4.2009 BOFIT Weekly – Russia 18/2009 Central Bank of Russia lowers interest rates. Although Russia labour productivity is rising quickly, it remains far behind international leaders. BOFIT Weekly --- Russia 2009 8.5.2009 BOFIT Weekly – Russia 19/2009 Inflation declined in April to 13.2 % y-o-y. Government works to make life easier for small and medium-sized businesses. 15.5.2009 BOFIT Weekly – Russia 20/2009 China now Russia’s largest trading partner. Economic crisis tests stability of Russian regions. 22.5.2009 BOFIT Weekly – Russia 21/2009 Russian industrial output continues to decline. CBR lowers rates for the second time in a month. Proposed customs policy programme favours domestic producers. 28.5.2009 BOFIT Weekly – Russia 22/2009 Economic contraction continued in April. Change in budget policy needed to deal with prolonged recession. Russia’s largest teleoperators declared “strategic enterprises.” EU-Russia summit ends with little to show. 5.6.2009 BOFIT Weekly – Russia 23/2009 Russian shares and commodities prices up. Corruption remains a serious problem for Russia. Finnish and Russian prime ministers met in Helsinki to discuss bilateral and multilateral economic issues. 12.6.2009 BOFIT Weekly – Russia 24/2009 13th St. Petersburg Economic Forum focuses on finance and business during economic crisis. Putin announcement throws Russia’s WTO member-ship goals into doubt. No change in CBR monetary policy. 18.6.2009 BOFIT Weekly – Russia 25/2009 IMF Article IV mission remarks lay out the implications of lower growth for Russia’s future. Fixed capital investment declined 16 % y-o-y in the first quarter. Finland’s exports to Russia decline, especially in re-exports and transit freight businesses. 26.6.2009 BOFIT Weekly – Russia 26/2009 Economic retrenching goes on. Russia tightens regulation of securities markets. Russia, Belarus and Kazakhstan tell the WTO that they are breaking off membership talks. 3.7.2009 BOFIT Weekly – Russia 27/2009 Declining capital investment diminished GDP. Russia officially launches talks on OECD membership. FDI to Russia contracted sharply in 2008. BOFIT Weekly --- Russia 2009 10.7.2009 BOFIT Weekly – Russia 28/2009 Current account surplus keeps shrinking in second quarter; financial account shows surplus. Rouble strengthened in the second quarter. Foreign debt of Russian firms increased slightly in the second quarter. President Obama makes his first visit to Russia. 17.7.2009 BOFIT Weekly – Russia 29/2009 Central Bank of Russia lowers rates. Economy ministry says slow recovery of Russian economy is underway. Drinking habits killing Russia. 24.7.2009 BOFIT Weekly – Russia 30/2009 Economy may have bottomed in the second quarter. First-half federal budget deficit smaller than expected. Mandatory social contribution arrangement set to change next year. 31.7.2009 BOFIT Weekly – Russia 31/2009 Russia’s shrinking car market. Housing construction down slightly, sharp growth in housing loan defaults. Across-the-board pension increases next year. 7.8.2009 BOFIT Weekly – Russia 32/2009 Cabinet approves 2010 federal budget guidelines. Russian oil output levels in 1H09 largely unchanged from last year. Sharp declines in natural gas production and gas ex-ports. 14.8.2009 BOFIT Weekly – Russia 33/2009 CBR again lowers refinancing rate. Gazprom and gas supplies to Europe. 21.8.2009 BOFIT Weekly – Russia 34/2009 Foreign trade picked up in June. Summertime blues for Russian stocks. Construction of Ust-Luga container terminal will be delayed. 28.8.2009 BOFIT Weekly – Russia 35/2009 Russian economy no longer contracting. Financial crisis has been hard on Russia’s forest industries. Situation steady in the banking sector. 4.9.2009 BOFIT Weekly – Russia 36/2009 Economic development varies significantly across Russian regions. Russia has approximately 400 one-company towns. Russia’s tough economic times reflected in trade with Finland. 11.9.2009 BOFIT Weekly – Russia 37/2009 Launch of massive Vankor oil and gas deposit boosts Russian oil output in August. Russia’s metal exports to China increased in 1H09. Russia slips badly in WEF competiveness rankings. BOFIT Weekly --- Russia 2009 18.9.2009 BOFIT Weekly – Russia 38/2009 Sberbank to take a stake in Opel. Government approves Energy Strategy 2030. Medvedev orders review of state corporations. 25.9.2009 BOFIT Weekly – Russia 39/2009 Poor economic performance in August. No growth in prices in August. Economic growth of recent years has not increased income disparity in Russia. 2.10.2009 BOFIT Weekly – Russia 40/2009 Latest BOFIT forecast sees Russian economy returning to modest growth this year. CBR to continue steering rouble exchange rate in coming years. Problems from international economic crisis begin to affect Russia’s insurance sector. BOFIT forecast for Russia 2009-2011, published 29.9.2009 9.10.2009 BOFIT Weekly – Russia 41/2009 Government tightens budget policy. Current account remains in surplus in third quarter; financial account shows deficit. Russia’s foreign debt up slightly in the third quarter. 16.10.2009 BOFIT Weekly – Russia 42/2009 Government plans additional bailout measures for struggling AvtoVAZ. Telenor and Altimo set to launch joint venture. Putin’s visit to China focused on natural resources and regional development. 23.10.2009 BOFIT Weekly – Russia 43/2009 Russian stock market up, rouble exchange rate strengthens. Economic crisis subdues Russian inflation. Russia reverts to solo approach in WTO talks. 30.10.2009 BOFIT Weekly – Russia 44/2009 No definite signs of economic recovery yet. Good grain harvest this year. 6.11.2009 BOFIT Weekly – Russia 45/2009 Central bank lowers interest rates for the eighth time this year. Official report shows Russia deployed a diverse range of measures to help its finance sector. 13.11.2009 BOFIT Weekly – Russia 46/2009 Slowdown in construction sector continues.
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