## Russian Federation: 2013 Article IV Consultation

_IMF Staff Country Reports, October 21, 2013_

## Source details

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## Bibliographic details
- Published: October 21, 2013
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781484375617.002

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### Executive summary and outlook
- Real GDP growth in Russia has slowed, amid weak investment and external demand.
- The economy remains close to full capacity.
- Unemployment is at historic lows.
- Capacity utilization is at pre-crisis highs.
- Short-term indicators are mixed, but on balance suggest some recovery of activity in recent months, indicating a stronger growth outlook for the second half of 2013.
- The near-term outlook is for moderate growth and inflation at the upper end of the target range of the Central Bank of the Russian Federation (CBR).

### Key findings
- Growth drivers and constraints:
  - Weak investment.
  - Weak external demand.
- Labor and capacity:
  - Unemployment at historic lows.
  - Capacity utilization at pre-crisis highs.
- Recent signals:
  - Short-term indicators are mixed but suggest some recovery in recent months.
  - Stronger growth outlook for H2 2013.
- Inflation outlook:
  - Near-term inflation expected at the upper end of the CBR’s target range.

### Subjects and keywords
- Subjects:
  - Banking
  - Correspondent banking
  - Financial services
  - Fiscal policy
  - Fiscal rules
  - Inflation
  - Oil prices
  - Prices
  - Public debt
- Keywords:
  - August
  - August inflation
  - Baltics
  - consensus forecast
  - Correspondent banking
  - CR
  - deficit
  - fiscal policy stance
  - Fiscal rules
  - forecast
  - Global
  - Inflation
  - inflation expectation
  - inflation objective
  - ISCR
  - monetary policy stance
  - Oil prices
  - outturn

*International Monetary Fund. Russian Federation: 2013 Article IV Consultation. IMF Staff Country Reports 2013, 310 (2013).*

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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/russian-federation-2013-article-iv-consultation-40995_