Russian Economy General News: #13

The Ministry of Economic Development reported on the slowdown of inflation in Russia, 09.04.2024.

Ministry of Economic Development: Inflation in Russia slowed to 8.87% as of September 2.

MOSCOW, September 4 — RIA Novosti. Inflation in Russia slowed to 8.87% year-on-year from 9.01% a week earlier, according to the Ministry of Economic Development's review "On the Current Price Situation."

"During the period from August 27 to September 2, 2024, prices decreased (-0.02%)," the document says.

Thus, food products became cheaper by 0.01%, in the non-food sector the price growth slowed to 0.08%. Electrical and household appliances began to become cheaper faster (-0.94%). At the same time, the growth rates of prices for medical products and construction materials amounted to 0.51% and 0.30%, respectively.

Tourist services are becoming cheaper against the backdrop of the end of the holiday season, including a reduction in prices for domestic flights (by 8.85%) and sanatorium services (by 2.96%).

Rosstat noted that weekly deflation in Russia is being recorded for the first time since the end of February 2023.

As Deputy Chairman of the Bank of Russia Alexey Zabotkin emphasized at the end of August , the key rate remains the main instrument for influencing inflation, but the economy has become less sensitive to its changes. In this regard, the regulator did not rule out a sharper increase in the rate.

The day before, the Central Bank's Research and Forecasting Department issued a bulletin noting that annual inflation likely peaked in July. Analysts point out that returning inflation to the target of four percent next year requires tighter monetary conditions than in the first half of 2024.

https://ria.ru/20240904/inflyatsiya-1970621562.html

A must watch I guess.

https://t.me/DDGeopolitics/122099

This is how Malesian PM sees the Russian position in the world order.

Seems that the provocation with MH17 didn't end up well ...

Germany's gold reserves are a hypothetical number. They kept their gold "safe" in the USA and now want it back but the USA is only trickling it
back to them as if it really does not have it. If the USA really had 8133 tons of gold it would not be acting this way.

Rosatom signs an agreement with Bolivia for the construction of a lithium carbonate production plant, 09.11.2024.

The Russian company Rosatom has signed an agreement with Bolivia for the construction of a lithium carbonate production plant.

Previously, the Russian company Uranium One Group signed a contract for the development of a direct lithium extraction industrial plant in the Salar de Uyuni, in the department of Potosi (south), confirmed the president of Bolivian Lithium Deposits (YLB), Omar Alarcón, at an event in La Paz.

"For YLB, the first contract signing for the lithium extraction plant is a satisfaction. We entered into a strategic alliance with Uranium One Group to produce battery-grade lithium carbonate," he said.

Subsequently, the representative of Uranium One Group, Larisa Lysova, said that the agreement with YLB is strategic and that the Russian company has enough technology and experience to exploit lithium in the country.

"Today, when Bolivia aims to multiply the national lithium industry, it is extremely important to opt for the best engineering solutions, advanced technologies and experience of reliable partners. Together we are moving towards this goal, shoulder to shoulder, structuring our long-term collaboration," Lysova said.

The plant, which will be located in the municipality of Llipi, south of the Salar de Uyuni, in the department of Potosi (south), is expected to come into operation in the second half of 2025, according to Rosatom. It will have an annual production capacity of 14,000 metric tons, in a scalable way.

The investment by Uranium One Group will reach 970 million dollars.

The Direct Lithium Extraction (DLE) technology will allow to reduce production times and the average lithium recovery is higher, by about 80%, unlike the evaporation pool technology (20%) that was used before.

Uranium One Group is a subsidiary of Rosatom, one of the largest companies in the world, dedicated to the exploitation of minerals for the energy area.

The signing of the contract took place within the framework of the investment agreement agreed in 2023 between YLB and Uranium One Group.

Yandex Translate from Spanish.

https://noticiaslatam.lat/20240911/rosatom-firma-acuerdo-con-bolivia-para-la-construccion-de-planta-de-produccion-de-carbonato-de-1157443099.html

Russian GDP up 4.4% in 7M 2024 — PM Mishustin, 09.24.2024.

According to the Russian Prime Minister, this is more than two times higher than last year’s level.

MOSCOW, September 24. /TASS/. Russia’s GDP grew by 4.4% in the first seven months of this year, which is more than two times higher than last year, Prime Minister Mikhail Mishustin said at a government meeting.

"According to preliminary estimate by the Economic Development Ministry, GDP grew by 4.4% in seven months of this year, which is more than two times higher than last year’s level," he said.

Positive dynamics was reached due to branches of the real sector, Mishustin noted. "Branches of the real sector were the main drivers. This is first of all manufacturing where output grew by 8.6% in seven months," he said.

"Growth of capital investment closely approached 11% in the first half of the year," the prime minister said, adding that "the unemployment level has drooped to all-time lows equaling 2.4% this June."

https://tass.com/economy/1847083

Reshetnikov announced a slowdown in inflation in Russia after its peak in July, 09.24.2024.

Inflation in Russia has begun to gradually slow down after peaking in July of this year. This was stated by the Minister of Economic Development of the Russian Federation Maxim Reshetnikov on September 24.

“Inflation has begun to slow down after peaking in early July,” he said during a government meeting.

According to the minister, average annual inflation will continue to slow down by 2025, and in 2026, according to forecasts, it will be able to reach the target level.

Earlier, on September 13, the Central Bank of the Russian Federation raised the key rate to 19% per annum, and this is the highest value since April 2022. According to the regulator, the increase in domestic demand significantly exceeds the ability to expand the supply of goods and services, and the growth in prices in August, adjusted for seasonality, reached 7.6% on an annualized basis.

Deputy Chairman of the Central Bank of Russia Alexey Zabotkin said on August 11 that the regulator could raise the key rate to 20% or more if it still has doubts that inflation is slowing down. This process, according to the deputy head of the Central Bank of the Russian Federation, is happening gradually , and it will take time for the updated interest rates to affect inflation.

https://iz.ru/1764207/2024-09-24/reshetnikov-zaiavil-o-zamedlenii-infliatcii-v-rf-posle-pika-ee-rosta-v-iiule

Russian GDP up 4.4% in 7M 2024 — PM Mishustin, 0 wrote:

Impressive result for this we are talking about the most sanctioned country in the world. Almost 5% economic growth incredible.

Putin orders preparation of plan for promotion of Russian brands, 09.25.2024.

Putin: As many buyers as possible should know about the products of Russian enterprises.

Russian President Vladimir Putin has instructed the government and the Russian Export Center (REC) to prepare a plan to promote Russian brands abroad. He announced his instruction on September 25 at a meeting of the State Council Presidium on the issue of export development.

"I ask the government and the Russian Export Center to prepare a plan of joint actions on this matter. I will add that Russian goods, primarily industrial goods with high added value, should not only be recognizable, but also accessible to foreign buyers," the head of state said.

Putin noted that in some cases, finished, including high-tech, Russian goods are known in narrow segments. At the same time, domestic enterprises are ready to produce a large range of high-quality, competitive and environmentally friendly products, the Russian leader added.

The President pointed out the need to promote these products responsibly and professionally so that as many potential buyers as possible know about them. He called for using all channels for this, including digital ones.

Earlier, on December 14, 2023, Putin reported during the "Year Results" that the share of Russian brands on the domestic market had grown by 30% by that time. Then he called for every possible promotion of regional brands in order to diversify the offer and make it more attractive to the consumer.

In June last year, the head of state called for the creation of a targeted policy of the Russian Federation to promote domestic brands and emphasized that more of its own brands should appear in Russia . In September 2023, Putin also expressed confidence that Russian brands will develop at a good pace.

https://iz.ru/1764608/2024-09-25/putin-poruchil-podgotovit-plan-prodvizheniia-rossiiskikh-brendov

Russia just needs to do like the Gulf countries do and make temporary work visas which do not allow those workers to settle in Russia proper. The idea that just anyone can settle in Russia by living there for a set amount of time, regardless if you have needed high-end skills or can speak the language, needs to go away. It is as simple as that.