WOOD Flash – Russia macro: positive December GDP reading
According to the Russian Ministry of Economic Development (MED), GDP accelerated to 2.4% yoy in December, up from 1.9% in November. The improvement should be an early signal of the pick-up in fiscal spending. At the same time, inflation continues to trend downwards and, in our view, the improvement in the economy should not stop the CBR from easing further, which should not just help with the speed of the recovery this year, but also support a diversification of growth away from the mining sector.
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