Macroeconomic Forecast Russia

Russian industrial production rose by 9.7% y-o-y in June, down from 12.6% in May and 10.4% in April. The latest reading brings H110 average industrial production growth to 16.8%, compared to a 14.8% contraction over the same period in 2009. We expect the rate of industrial production growth to continue moderating through H210, on the back of less favourable base effects and a slowdown in external demand for Russia manufacturing exports. We forecast end-year industrial production growth of

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