Bofit Weakness in the ruble was also noted. Here is a picture of CA in June.
source: CEICAccessed: 21 August 2023.
This development was largely driven by a decline in the value of Russian exports:
source: BofitAugust 18, 2023.
Helicopter Simola BOFIT has a good understanding of the current and future conditions facing Russia. An interesting article (based on my google translate output):
Russia also aims to alleviate the problem caused by lost imports by increasing domestic production. However, investment in the necessary production capacity has not yet been made. Total investment in Russia also rose last year, but the increase was mainly in sectors other than import-substitution industrial production: transport infrastructure, construction and real estate industries, and extractive industry production. On the other hand, in the automotive industry, investment in electrical equipment manufacturing and other fields has also shrunk significantly. The share of total investment in the machinery, equipment and auto sectors has halved over the past decade, to just one percent last year.
See also the previous article on outputs available for non-military use, here.
