World Bank2017-05-222017-05-222011-09-14https://hdl.handle.net/10986/26690Russia's economic growth slowed in the second quarter of 2011 as the inventory restocking cycle waned. High oil prices have kept the external current account in surplus but capital outflows continue. Gradually improving labor market conditions and access to credit and external borrowing are supporting domestic consumption but consumer confidence and external risks are constraining a more robust growth in domestic demand. Inflation is on a downward trend because of seasonal factors. The short-term fiscal situation is favorable mainly because of high oil prices with an almost balanced budget this year. But a large non-oil deficit requires concerted medium-term fiscal adjustment to replenish fiscal buffers and to move toward long-term sustainable levels of the non-oil deficit.en-USCC BY 3.0 IGOAGRICULTURAL PRODUCTIONAGRICULTURAL SUBSIDIESAGRICULTUREAUDITSAVERAGE OIL PRICEBALANCE OF PAYMENTSBANK LENDINGBANKING SECTORBASIS POINTSBENCHMARKBILATERAL TRADEBONDBORROWING CAPACITYBUDGET SURPLUSBUFFERSCAPITAL ACCOUNTCAPITAL FLOWSCAPITAL INFLOWSCAPITAL INVESTMENTSCAPITAL OUTFLOWSCENTRAL BANKCENTRAL BANK POLICYCOMMODITY MARKETCOMMODITY PRICESCONSOLIDATIONCONSUMER CONFIDENCECONSUMER CREDITSCONSUMER LOANSCONSUMER PRICECONSUMER PRICE INDEXCONSUMERSCONSUMPTION GROWTHCREDIT DEFAULTCREDIT DEFAULT SWAPCURRENT ACCOUNTCURRENT ACCOUNT BALANCECUSTOMS UNIONDEBTDEBT CRISISDEBT RATINGSDEBT REPAYMENTSDEFICITSDEMAND GROWTHDEPOSITDEVELOPED COUNTRIESDISPOSABLE INCOMEDIVIDENDSDOMESTIC CONSUMPTIONDOMESTIC DEMANDDOWNSIDE SCENARIOSDOWNWARD PRESSUREECONOMIC ACTIVITYECONOMIC CONDITIONSECONOMIC CRISISECONOMIC DEVELOPMENTSECONOMIC ENVIRONMENTECONOMIC GROWTHECONOMIC INTEGRATIONECONOMIC OUTLOOKECONOMIC POLICYEMERGING MARKETSEQUILIBRIUM LEVELEQUITIESEXCHANGE RATE POLICYEXPENDITUREEXPORT VOLUMESEXPORTSEXPOSUREEXTERNAL BORROWINGEXTERNAL DEBTEXTERNAL DEMANDEXTERNAL FINANCINGEXTERNAL SHOCKSFEDERAL BUDGETFINANCIAL SECTORFISCAL BALANCEFISCAL DEFICITFISCAL POLICYFIXED CAPITALFIXED INCOMEFLEXIBLE EXCHANGE RATEFLEXIBLE EXCHANGE RATE REGIMEFOOD PRICESFORECASTSFOREIGN ASSETFOREIGN ASSET POSITIONFOREIGN CURRENCYFOREIGN CURRENCY RESERVESFOREIGN DIRECT INVESTMENTSFORESTRYGLOBAL DEMANDGLOBAL ECONOMYGLOBAL MARKETGLOBAL TRADEGROWTH RATESHIGH INFLATIONHIGH-INCOME COUNTRIESHOLDINGHOLDING REQUIREMENTSIMPORTINCOME INSTRUMENTSINCOME SHOCKINDEBTED COUNTRIESINDEXATIONINFLATIONINFLATION RATEINFLATIONARY PRESSURESINTERNATIONAL MARKETSINVENTORYINVESTINGINVESTMENT CLIMATEINVESTOR CONFIDENCELABOR FORCELABOR MARKETLIQUIDITYLOANS TO INDIVIDUALSLOCAL CONTENTLONG-TERM EQUILIBRIUMMACROECONOMIC RISKSMARKET ACCESSMARKET CONDITIONSMARKET DEVELOPMENTSMATURITYMATURITY STRUCTUREMONETARY AUTHORITIESMONEY SUPPLYMORTGAGESNEGATIVE SHOCKSOILOIL DEMANDOIL MARKETOIL PRICEOIL PRICINGOIL REVENUESOIL SECTOROIL SUPPLYOPECORGANIZATION OF PETROLEUM EXPORTING COUNTRIESOUTPUT GAPPENSIONPERMANENT INCOMEPOSITIVE EFFECTSPOVERTY LEVELPOVERTY REDUCTIONPRICE FORECASTPRICE INCREASEPRICE OF OILPRICE STABILITYPRIVATE BANKSPRIVATE CONSUMPTIONPRIVATE SECTOR DEBTPRODUCERSPUBLIC DEBTPUBLIC EXPENDITURESPUBLIC FINANCESPUBLIC SPENDINGREAL EFFECTIVE EXCHANGE RATEREAL GDPREAL GROSS DOMESTIC PRODUCTREAL INCOMEREAL WAGESRECESSIONRESERVERESERVE FUNDRESERVE REQUIREMENTSRETAILRETAIL TRADERETURNSEASONAL FACTORSSECURITIESSHORT-TERM DEBTSHORT-TERM FLUCTUATIONSSLOWDOWNSOVEREIGN DEBTSOVEREIGN SECURITIESSPARE CAPACITYSPECULATIVE ATTACKSSPREADSTOCK MARKETSTOCKSSTRONG DEMANDSUPPLY SIDESURPLUSTAXTOTAL CREDITSTOTAL DEBTTRADE BALANCETRADE GROWTHTRADE POLICYTURNOVERUNCERTAINTYUNEMPLOYMENTUNEMPLOYMENT RATEVALUE ADDEDVOLATILITYWHOLESALE TRADEWORLD TRADEWORLD TRADE ORGANIZATIONWTOReportWorld Bank10.1596/26690