JRL NEWSWATCH: “The Russian economy is stagnating” – bne Intellinews/ Ben Aris
“The Russian economy is stagnating … Putin’s plan to revitalise it with … 12 national projects is off to a very slow start. Preliminary Rosstat figures show Russian GDP growth in the first three months … [at] just 0.5% y/y … well below even … cautious forecasts. … [B]oost[s] … from … RUB25.7 trillion ($390bn) investments planned for … 12 national projects is still at least two years away … [T]he administration is still arguing over how much to allot to which projects. … Wholesale activity in the first quarter … contracted by 7.4% y/y, even as retail sales rose by 1.8%, partly due to a mild winter. … [T]he state has slowed defence purchases ….”