For individuals: Internet bank
Select your city:

VTB Bank call center

+7 (800) 200-77-99
+7 (495) 739-77-99
For general information and enquiries

Russia Early Indicators - May; mixed picture

Yesterday, we published our regular Russia Early Indicators report, in which we summarised the results of the PMIs and the first statistics for the last spring month of 2014. We provide key extracts from the report below.
The economy is entering the summer in a hovering mood. It looks as though the impact from temporary manufacturing drivers (mainly oil refining and chemicals) started to dissipate in May and demand for construction-related goods deteriorated, while import substitution triggered by the weaker currency and trade restrictions is continuing, preventing IP from falling. Nevertheless, companies are gradually transferring the higher cost burden to final consumers, but as input prices have started to slow our disinflation forecast still seems relevant.
Daria Isakova, Vladimir Kolychev
VTB Capital analyst


Back to the list

VTB group news subscribe
  • E-mail subscribe
  • RSS lent
Download the list of cities.....