Russia: if this is autumn, how bad will winter be?
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Russia´s currency has collapsed, and interest rates are sky high. The economy has entered its first recession since the 2009 financial crisis, with GDP contracting by 4.6% during the year to Q2 2015, according to the Federal State Statistics Service (Rosstat). Yet inflation is so high that it still looks as if Russian housing prices are rising.
It´s an illusion. Apartment prices, in nominal terms, rose by 2.86% during the year to Q2 2015, but when adjusted for inflation the price index for resale apartments plunged by 11.19%, according to the Federal State Statistics Service (Rosstat).
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