Macroeconomic environment

The reporting year saw a decline in most macroeconomic indicators, which got even worse after the EU, the US and a number of other countries introduced economic sanctions against Russia.This section is based on Ministry of Economic Development and Federal Service for State Statistics’ data.

According to the Ministry of Economic Development of Russia, the GDP grew by only 0.6%, which was close to stagnation, while real disposable income went down by 1%.

A broad array of negative factors affected the economic environment in 2014, including a substantially greater rate of inflation, which reached 11.4% against 6.5% in 2013. The key reasons behind this drop were falling oil prices, sanctions and rouble devaluation.

The economic downturn and rising negative expectations among the population had an impact on JSC FPC’s business, which had to work under the pressure of factors contributing to a decline in demand for passenger rail service in 2014.

Key macroeconomic indicators change (% vs 2013)

Indicator 2013 2014
GDP growth 1.3 0.6
Industrial production 1.7 0.4
Investment in fixed assets 0.8 –2.7
Import 1.7 –9.8
Export –0.8 –5.1
Consumer inflation 6.5 11.4
Real disposable income 4.0 –1.0