Page 36 - RusRPTNov20

collapse in imports, which led to an increase in net exports. On the other hand, it should be noted that seasonally adjusted GDP has been steadily declining since the second quarter of 2019. The dynamism of the Russian economy was thus weak even before the crown epidemic struck.
The September Purchasing Managers' Indices contributed to the fact that the economic recovery remains uneven. In manufacturing, the September reading was 48.9, indicating a weakening outlook compared to August. On the other hand, the limit value for services was still above 50, and the September reading was 53.7 - although the decrease from 58.2 in August was clear. The low rate of increase in service prices in September (2.5% year-on-year) also points to weak demand.
3.2 ​Macro outlook
36 ​RUSSIA Country Report​ November 2020 www.intellinews.com
The outlook for the economy this year is not too bad according to ​BCS Global Markets​. T​ he full year contraction will be -3.4% whereas BOFIT