Russian Economy Hit as Ukrainian Attacks Deal a Blow to Industry
Ukrainian strikes on refineries and ports cut exports, slowed growth and pushed annual inflation to 7.07%, economists surveyed by Bloomberg said.
- Russia's economic growth is decelerating as Ukrainian attacks knock out industrial facilities, with GDP likely growing 0.9% in the third quarter following a 1.3% expansion previously.
- Entering its fifth year, the war in Ukraine puts deepening strains on Russia's economy, even as President Vladimir Putin insists the government must maintain growth through record military spending.
- Shutdowns at oil refineries drove an 18% year-on-year decline in refining output, while the Bank reports a "positive output gap" where supply falls short of demand.
- Sberbank Chief Financial Officer Taras Skvortsov warned industries are "not doing particularly well," with a Russian Union survey of Industrialists and Entrepreneurs citing weak demand and limited borrowing access.
- Tatiana Orlova of Oxford Economics called official growth forecasts "overoptimistic," as the Bank keeps monetary policy tight amid inflationary impacts from Black Sea disruptions.
9 Articles
9 Articles
After the destruction of half the petrol production capacity.
Russia’s economic growth has slowed after Ukrainian strikes hit oil refineries, logistics hubs, oil terminals and port infrastructure. Economists surveyed by Bloomberg estimated that Russian gross domestic product grew 0.9% year-on-year in the third quarter, down from 1.3% in the previous three months. The attacks disrupted production and supplies and added to inflationary pressures, the publication said. The biggest decline was in oil refining.…
In Russia, the ongoing Ukrainian attacks on industrial and logistics sites are leaving their mark on the country's economy. Gross domestic product grew less rapidly in the summer than in the spring.
Russia’s Economic Growth Set to Slow in Q3 as Ukraine War Deepens Industrial Strains
Russia’s economy is losing momentum as Ukrainian drone strikes increasingly target industrial facilities, disrupt transportation and supply chains, and intensify inflationary pressures, adding to the economic costs of the prolonged war in Ukraine.
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