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Russian economic and investment market commentary, Q2 2010

The Russian economy continued to recover in Q2 2010 with the majority of macroeconomic indicators showing improvement. The Economy Ministry has estimated GDP expanded 4.2% YoY in H1 2010. Industrial production increased 10.2% YoY in H1 2010.

Real wages growth slowed to 5.5% YoY in June from 7.0% YoY in May because of a weaker low-base effect in June, resulting in H1 growth of 4.4% YoY. Real disposable income growth moderated to 1.4% YoY in June from 2.8% YoY in May and ended H1 with 4.8% YoY growth. Despite the strong real wages number, real disposable income growth continued to moderate, as a result of actual declines in social benefits and other types of personal income. On a positive note, unemployment fell to 6.8% in June from 8.6% in March.

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