- growth arrest in Russia. In November, the gross domestic product fell by 0.5 percent, for the first time in five years
- Russia as an energy supplier is dependent on the oil price. But has fallen sharply. In addition, the State
suffering from sanctions and the decline of the ruble.
2014 stops the growth of a
Russia’s economy suffers from low oil prices and sanctions. The gross domestic product fell in November 2014 compared to the previous year by 0.5 percent, the first time since October 2009, as the Ministry of Economy announced. Above all, the service, construction and agricultural sector less strong. Sink
oil prices, the ruble falls
Russia as an energy supplier heavily dependent on the oil price. Since June, it fell by about 50 percent, revenue declined by about $ 100 billion. Oil and gas account for over two-thirds of Russia’s exports, the state budget depends almost half of these raw materials.
At the same time, the ruble loses its value. Among the population suffers because everyday products become more expensive, but wages have stagnated. Especially import goods from abroad more expensive by the currency depreciation. Also notice the foreign companies. Many find German companies for their machines and cars in Russia and fewer customers. By capital flight, Russia lost this year also about 125 billion dollars. Western sanctions weaken the economy further.
Next year could be
worse Russian Finance Minister Anton Siluanow had recently announced economic output could shrink by four percent in the coming year, oil prices should be based on the current level of about $ 60 a barrel stay. It would be the first time since 2009 that the Russian economy seen throughout the year is not growing.
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