德意志银行-俄罗斯宏观-attachment；filename=russia in pictures higher growth-20170626-deutschebank.pdfVIP

Deutsche Bank Markets Research Emerging Markets Economics Special Report Date Russia 26 June 2017 Elina Ribakova Chief Economist Russia in pictures: Higher growth, (+44) 20 7547-1340 elina.ribakova@ expensive food Russia is one of the most improved countries in EM on our overall vulnerability score. Russia’s vulnerability has declined markedly in the past year driven Russia’s vulnerability score markedly mainly by recovery in growth and a downward inflation trajectory. lower from 1 year ago  Growth recovery remains on track with strong data in Q2. On the production side data has been strong in Q2, with industrial production, Russia 1 Growth .0 construction and transportation sectors driving the surge in activity. IP Fiscal balance Inflation more growth beat market expectations (2.4% YoY) to jump by 3