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The marginal quarterly contraction in Q1 resulted from external and domestic factors. Sluggish euro zone and a fall in oil prices curbed exports while high inflation reduced real wage growth and weighed on consumers’ propensity to spend. Investment has also been constrained by high inflation on the back of the strong rouble. Recent indicators have been more optimistic, with manufacturing PMI at 51.7 in June, suggesting an expansion in relation to May.
Source : Cushman & Wakefield
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