Russia experienced a second oil shock
The growth of industrial production in Russia for 9 months of 2016 amounted to 0,3%. This was announced today at a meeting of the Federation Council of the Russian Federation by the country's Minister of Economy Alexey Ulyukaev.
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“Business is adapting to the new economic reality faster than the budget system. The second oil shock, unlike the first, did not cause either a deep devaluation, a sharp acceleration of inflation, or an increase in the cost of loans,” Ulyukaev said.
According to him, in agriculture the growth was more than 3%.
“The food, light, chemical and timber industries are developing positively and are showing better results than last year. Negative dynamics continue in the production of building materials and metallurgy,” Ulyukaev said.
In his opinion, proof of the economy’s adaptation is the stable situation in the labor market, where the unemployment rate is low by world standards - 3,9%. Real wages increased by 0,4%, but the dynamics of real incomes are still negative.
For the next year, the government planned an increase in industrial production and real incomes of the population by 2%, wages by 1,7%.
Russia Experiences Second Oil Shock