From BOFIT today (as translated by Google):
According to the first estimate of the Russian Statistical Institute, Russia’s GDP grew by 4% year-on-year in April-June. Growth has clearly slowed in recent months. In June, production (seasonally adjusted) decreased in manufacturing and construction. In June, long-term growth also slowed in consumption-driven sectors. The sharp increase in real average income has moderated and the average income level has remained almost unchanged in recent months.
While consumer demand growth has slowed, domestic production and imports have grown even worse. Aggravation of the problems in the provision of basic services has driven the inflation. In July, consumer prices rose at the fastest monthly rate since spring 2022. Compared to July last year, consumer prices rose by 9%. Inflation accelerated in part due to an increase in municipal utility bills in early July.
Production graph:
Source: BOFIT, accessed 8/15/2024.
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