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RUSSIA: Retail Sales, Real Wage Data Expected to Remain Strong

RUSSIA
  • Citing “experts” at the Plekhanov University of Economics, Vedomosti report that foreign companies that are leaving or have already left Russia made a relatively small contribution to the country's economy, and that the overall effect of their exit on the economy has been negligible.
  • St. Petersburg International Economic Forum officially opens today, with President Putin set to meet heads of foreign news agencies. Meanwhile, the Finance Ministry will publish data on its FX operations on local market in June.
  • The CBR rate decision is the key risk event of the week on Friday. While most analysts polled think it will leave the key rate at 16%, some are expecting a hike of 50-100bps. Our full preview of that decision will be released later in the week.
  • The following data is on the docket at 17:00BST/19:00 local time:
    • Retail Sales (Est: +10.3% Y/Y; Prior: +11.1%)
    • Unemployment Rate (Est: 2.7%; Prior: 2.7%)
    • Real Wages (Est: +11.5% Y/Y; Prior: +10.8%)
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