Russia Macro monthly report for April 2017 prepared by Macro-Advisory Ltd in Moscow

weaferPlease find Russia Macro Monthly report for April 201, prepared by Macro-Advisory Ltd from Moscow. The report discusses how political optimism ignores growth limitations. 


- Economy returned to growth in 4Q16. 

- .1% budget deficit in February.

- Minimal investment growth in 2016. 

- Retail sales far from recovery. 

- Agriculture growth slow. 

- Ruble stays stubbornly strong in March. 



- Ruble Op-ed. 

- Finance Minister tries to talk the ruble down. 

- CBR reserves rise. Central Bank reserves rose to US$397 billion as at the end of February. Gold bullion accounted for 16.8% of this total.

- Day of anti-Medvedev demonstrations. 

- Political fall-out from the demonstrations? 

- Small widening of sanctions. 

- Syria tensions. As we go to press, the longer-term fallout to the recent events in Syria is unknown. 

- Equities rebound slightly in March.

Download here the full report in PDF format