Weekly Export Risk Outlook, February 11

02.12.2015 ZF English

Russia's economy grew modestly in 2014 but a recession is inevitable this year, Euler Hermes said in the latest edition of its Export Risk Outlook report.

Euler Hermes analysts expect a deep recession in 2015 (minus 5.5%) as the impact of the sharp fall in oil prices and the ruble, as well as existing economic sanctions, will take full effect.

A preliminary estimate of the Russian statistics bureau showed the real GDP grew 0.6% in 2014, compared with 1.3% in the previous year. No data were provided for the fourth quarter, but given the figures from the previous quarters it is likely the economy entered recession at the end of the year, Euler Hermes analysts said in this week's report.

Meanwhile, France's economy is slowly awakening, with an increase in manufacturing output and a slowly improving trade picture. See more information in the full report.