Russia’s Economy Again Appear Signs Of Stagnation

By Orietta Qi

Russia’s central bank on September 28 Jiangzai financing interest rates unchanged at 7.75%, saying the economy is still need for further monetary stimulus support. Previously the bank had for 14 times lower refinancing rate to help the economy from the worst recession in a decade to recover.

September 27, Russian crude oil pipeline was officially completed, according to protocol in the next 20 years, transport 15 million tons per year of crude oil to China. The pipeline construction tangle 10 years, until the 2008 financial crisis hit, loans for oil between China and Russia signed an agreement finally settled. Russia’s current situation do?

The central bank kept interest rates unchanged

According to the Russian News Network reported that Russia’s economy and recent signs of stagnation. Market participants expected this year in September and October, in addition to industrial processing enterprises, the other in all areas of sales growth will be slowing down, so need to re-arrange production plan in the coming months the unemployment rate may rise again, All the uncertainty leading to economic recovery is slow, thus affecting the economic development of all walks of life.

Economic Policy Institute, according to Russian data, this August, the Russian industry (production, prices and employment) growth rate remains at its previous level. Market research analyst at the Institute, said Sergei Chu He Luo, Russia’s economy Again Appear signs of stagnation from the market demand, sales price, in terms of production planning, and other signs that the Russian economy has the uncertainty of future trends.

Russia’s central bank on September 28 Jiangzai financing interest rates unchanged at 7.75%, saying the economy is still need for further monetary stimulus support. Previously the bank had for 14 times lower refinancing rate to help the economy from the worst recession in a decade to recover. 7.75% interest rate, it is easy to see inflationary pressure is huge.

Risk walking leg

Hit by the financial crisis, oil prices per barrel from peak to trough decline up to about 100 dollars. According to the International Energy Agency, “Key World Energy Data 2010” report, in 2009 Russia produced 494 million tons of crude oil, accounting for 12.9% of the world. Figures for the CIA in 2009 Russia exported 493 million barrels of oil per day.

Rough calculation, the Russian oil income in 2009 decreased from 200 to 300 billion U.S. dollars, while the GDP of the year it was 1.25 trillion U.S. dollars, one can imagine a big role. Russian GDP in 2009 decreased by 7.9%, marking the biggest annual decline since the Soviet Union in 2009 and 2008 inflation rates were 11.7% and 14.1%. Ruble against the dollar in 2008 also dropped to 241 in the following. The pressure of political and economic and livelihood of the people can see.

Moscow prices fell into two or three, the most central house is now 30 thousand to 50 thousand U.S. dollars per square meter, the price is stable. However, average house prices outside the Centre is now $ 4,500 per square meter, while in 6000 U.S. dollars before the crisis per square meter.

Russia’s energy revenues to rely on a long-legged great disadvantages and risks have been exposed in a crisis.

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