The official budget deficit surged last year, as did off-balance sheet military spending via the banking system and unpaid bills. That might be tough to sustain, especially with lower oil revenues.
You didn’t write that it was against the Ruble previously. The US dollar has definitely deflated when seen against other international currencies. So what you probably mean is that the Ruble has deflated more than the USD. But that’s irrelevant, since the export numbers are given in USD.
Yeah. Looks like the USD and rouble have been trading fairly evenly the last few years, within about 20%. So they’ve probably been inflating roughly at the same pace, I guess…
Regardless it seems like the basic thesis, that Russia doesn’t seem likely to have any more room for increasing spending, is accurate.
You didn’t write that it was against the Ruble previously. The US dollar has definitely deflated when seen against other international currencies. So what you probably mean is that the Ruble has deflated more than the USD. But that’s irrelevant, since the export numbers are given in USD.
Yeah. Looks like the USD and rouble have been trading fairly evenly the last few years, within about 20%. So they’ve probably been inflating roughly at the same pace, I guess…
Regardless it seems like the basic thesis, that Russia doesn’t seem likely to have any more room for increasing spending, is accurate.
Absolutely, the Russian economy is doing very poorly disregarding exports may hold better than we thought.