Russia Economic Review: Macroeconomic Indicators

Currency, Coins, Jagged Line from Line GraphDate: Wed, 5 Jan 2011
From: Keith Bush <bush>
Subject: USRBC Russia Economic Review: December 2010

USRBC Russia Economic Review

Preliminary calculations indicate that Russia's GDP grew by 3.8 percent in 2010 to a total of $1,485 billion.

Industrial production in November grew by 0.2 percent month-on-month (mom) and 6.7 percent year-on-year (yoy).

Fixed investment in November declined 0.6 percent mom but rose 8.4 percent yoy.

Unemployment was 6.7 percent of the economically active population in November.

The price of Urals crude was $91.39 a barrel on December 28, up 19 percent on January 1.

Fiscal and Monetary Indicators

The international reserves of the Russian Federation on December 30 amounted to $483.1 billion.

The inflation rate in December rose to 8.7 percent (yoy).

The RTS Index on December 30 stood at 1,773, up 23 percent on January 1.

Average monthly wages rose 11.5 percent yoy in November to 21,599 rubles ($700).

General Economic News

In December 7, Economy Minister Elvira Nabiullina and EU Trade Commissioner Karel De Gucht signed a memorandum of understanding that settle "key questions" that have hampered Russia's bid for accession to the WTO.

In December 8, Energy Minister Sergei Shmatko told the Duma that production-sharing agreements may be used for oil deposits that are hard to extract or to encourage investment in poorly explored areas.

On December 14, Deputy Prime Minister Sergei Ivanov announced that weapons exports in 2010 would reach $10 billion, a new post-Soviet record.

On December 24, President Dmitry Medvedev informed French President Nicolas Sarkozy that Russia would purchase two French Mistral-class helicopter carriers.

On December 30, Mikhail Khodorkovsky was sentenced to a total of 13.5 years in prison, including time already served, for embezzlement and money laudering.

More than 1.7 million babies were born in 2010, an increase of up to 23,000 over 2009.

Shortly after midnight on December 31, the East Siberia Pacific Ocean (ESPO) oil pipeline became operational.

Crude output in 2010 reached 10,150,000 barrels a day, the highest annual average since the collapse of the Soviet Union in 1991.

Arms exports in 2010 are reported to have reached $10 billion, a new post-Soviet record.

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