Introduction

The past two years have been a roller-coaster ride for the USDRUB. The Rouble (RUB) was the worst performing currency in 2014 but it has had a remarkable turnaround and is now on of the best performing currencies in 2015 to date. This article looks at the state of the Russian economy and currency.

Russia’s economic indicators

  • Gross Domestic Product
With a population of more than 143 million people, Russia ranks in the top 10 of the global economies by GDP. According to IMF statistics the GDP in Russia stood at USD 2,709.13 billion in 2013 before shedding 31% to USD 1,857.46 billion in 2014. The GDP is expected to fall further in 2015 as the oil prices remain depressed, economic sanctions likely to remain in place and the geopolitical tensions least likely to ease in 2015. Fig 1 shows the GDP statistics for 2013 and 2014 as well as projections to 2020 (in white).
Fig 1: Russia’s GDP and GDP estimates
  • Inflation
Annual inflation rate in Russia slowed to 15.8 percent in May of 2015 from 16.4 percent in the previous month as increase in cost of food and housing eased. Fig 2 below shows the inflation developments in 2014 and 2015.
Fig 2: Russia’s Inflatio
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