Macro Analysis /
Russia

Russia: Strong labour market and spike in loans support inflationary concerns

  • Publication of the main April statistics is delayed to 4 June; meanwhile 1Q21 result looks mixed

  • Macro Stats 4M21: We build our diagnostics on two available figures – the unemployment rate and industrial production

  • Unemployment rate surprised positively with decline to 5.2% in April; industrial production up 7.2% y/y in April

Natalia Orlova
Natalia Orlova

Chief Economist

Alfa
27 May 2021
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