MOSCOW (Reuters) – Russia’s central bank said on Thursday that its business climate index slid into negative territory in October, with future expectations becoming markedly less optimistic as production and demand assessments worsened.
Businesses’ price expectations rose, partly due to a rise in costs, according to a central bank survey of Russian businesses.
Russian companies took a hit from unprecedented Western sanctions that followed Russia’s move to send tens of thousands of troops into Ukraine on Feb. 24. The economy has showed signs of relative recovery since initially dire forecasts, but is still set to contract this year.
(Reporting by Elena Fabrichnaya; Writing by Alexander Marrow; Editing by Susan Fenton)