JRL NEWSWATCH: “Russia’s GDP growth slows in 1Q19, challenging the policy framework” – bne Intellinews/ Dmitri Dolgin (Russia ING)

“Russian GDP growth slowed from 2.7% year on year in 4Q18 to just 0.5% y/y in 1Q19, well below expectations. Unlike most commentators, we attribute this slowdown to a pause in the state CAPEX rather than to the VAT hike. We also believe a policy response is more likely to come from the Finance Ministry rather than the Central Bank ….”

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