## Russian Federation: Staff Report for the 2014 Article IV Consultation

_IMF Staff Country Reports, July 1, 2014_

## Source details

**Canonical URL:** [Russian Federation: Staff Report for the 2014 Article IV Consultation](https://www.imf.org/en/publications/cr/issues/2016/12/31/russian-federation-staff-report-for-the-2014-article-iv-consultation-41682)

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## Bibliographic details
- Published: July 1, 2014
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781498309929.002

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### Key findings
- Growth slowdown that began in 2011, reflecting structural constraints, continued in 2013 despite accommodative policies.  
- Real GDP growth slowed to 1.3 percent in 2013 owing to a contraction in investment.  
- Consumption remained robust in 2013 owing to strong real wage growth and an unsecured consumer credit boom.  
- The general government balance moved from a modest surplus in 2012 to a deficit of slightly more than 1 percent of GDP in 2013.

### Projections and risks
- IMF staff projects real GDP growth at 0.2 percent in 2014 with considerable downside risks.

### Fiscal and financial highlights
- Fiscal balance: modest surplus in 2012 → deficit of slightly more than 1 percent of GDP in 2013.  
- Financial dynamics noted: unsecured consumer credit boom supporting consumption amid investment contraction.

### Thematic subjects and keywords (as listed)
- Subjects: Banking; Correspondent banking; External debt; Financial Sector Assessment Program; Financial sector policy and analysis; Financial services; Fiscal policy; Fiscal stance; Oil prices; Prices.  
- Keywords: banking system; Correspondent banking; CR; economy; Europe; exchange rate; exchange rate corridor; Financial Sector Assessment Program; Fiscal stance; Global; growth model; growth prospect; growth slowdown; inflation targeting; ISCR; Oil prices; price distortion; Russia; slowdown.

*Source: Russian Federation: Staff Report for the 2014 Article IV Consultation, July 1, 2014.*

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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/russian-federation-staff-report-for-the-2014-article-iv-consultation-41682_