Russia Macro Monthly August 2015
GDP decline. Preliminary estimates indicate that GDP contracted by 4.6% YoY in 2Q15 compared to a fall of 2.2% in 1Q15. This worsening trend is as expected. 3Q data will be just as bad if not marginally worse. However, this second and third quarter dip is still consistent with our forecast for a full year decline of 3.5%.