London, 20 December 2013. MNI RUSSIA BUSINESS SENTIMENT EMBARGOED UNTIL 9.45 A.M. MOSCOW TIME The MNI Russia Business Indicator falls to a record low of 45.5 in December. Production and New Orders fell sharply.

1. Insight and data for better decisions
MNI Russia Business Indicator Falls to Record Low
of 45.5 in December
Production and New Orders Fall Sharply
70
65
60
55
50
45
Current Conditions
The Employment Indicator, which measures the
amount of labour demand from businesses, increased
slightly in December, having hit the lowest on record
in November but remained at a low level.
Commenting on the latest survey, MNI Indicators
Chief Economist Philip Uglow said, “The December
survey is a miserable end to what has been a terrible
year for the Russian economy. Confidence among
some of Russia’s largest companies hit a new low as
both output and orders fell.”
Future Expectations
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Dec-13
Nov-13
Oct-13
Sep-13
Aug-13
Jul-13
40
Jun-13
President Putin has finally acknowledged that
Russia’s problems are mainly domestic as opposed to
external. The authorities, however, have yet to deliver
a credible blueprint on how they intend to lift the
economy out of stagflation and tackle the long list of
supply side issues the economy faces.
75
May-13
While companies were slightly less pessimistic about
the next three months compared with November, the
overall weakness of the survey points to a further
weakening in growth.
MNI Russia Business Indicator
Apr-13
Both Production and New Orders also hit their lowest
level on record, in a year which has seen GDP growth
slow to the weakest in four years and inflation rise
sharply.
“Officials seem to realise the hole that Russia is in,
although it will be a difficult job to dig themselves
out. While the central bank may find room to cut
interest rates next year, the government needs to
urgently take action to change the growth model,”
he added.
Mar-13
Russian business confidence ended the year at a
record low with the MNI Russia Business Indicator
falling to 45.5 in December from 51.5 in November,
the first fall below 50 since the series began in
March.

2. MNI Indicators - December 2013
Overview
Oct -13
Nov -13
Dec -13
Highest
Since
Lowest
Since
3-Month
Average
Monthly
Change
Monthly %
Change
MNI Russia Business
Indicator
Current Conditions
56.3
51.5
45.5
-
series low
51.1
-6.0
-11.7%
Future Expectations
47.2
45.0
49.5
Sep-13
-
47.2
4.5
10.0%
Current Conditions
58.3
53.5
48.3
-
series low
53.4
-5.2
-9.7%
Future Expectations
48.3
45.5
47.5
Oct-13
-
47.1
2.0
4.4%
Current Conditions
59.5
53.5
48.8
-
series low
53.9
-4.7
-8.8%
Future Expectations
48.8
45.5
46.5
Oct-13
-
46.9
1.0
2.2%
Current Conditions
52.1
48.7
49.2
Oct-13
-
50.0
0.5
1.0%
Future Expectations
41.6
42.1
41.7
-
Oct-13
41.8
-0.4
-1.0%
Current Conditions
51.8
50.8
50.5
-
Aug-13
51.0
-0.3
-0.6%
Future Expectations
48.7
48.5
49.7
Aug-13
-
49.0
1.2
2.5%
Current Conditions
50.3
47.4
48.7
Oct-13
-
48.8
1.3
2.7%
Future Expectations
40.4
40.9
41.5
Sep-13
-
40.9
0.6
1.5%
Production
New Orders
Export Orders
Productive Capacity
Order Backlogs
Employment
Current Conditions
51.3
47.7
49.0
Oct-13
-
49.3
1.3
2.7%
Future Expectations
46.2
46.2
47.2
Sep-13
-
46.5
1.0
2.2%
Current Conditions
48.7
45.7
46.5
Oct-13
-
47.0
0.8
1.8%
Future Expectations
51.3
42.6
45.7
Oct-13
-
46.5
3.1
7.3%
Current Conditions
54.2
53.4
51.5
-
Aug-13
53.0
-1.9
-3.6%
Future Expectations
51.3
51.0
50.5
-
series low
50.9
-0.5
-1.0%
Current Conditions
58.5
53.5
52.8
-
Jul-13
54.9
-0.7
-1.3%
Future Expectations
50.3
50.0
49.2
-
series low
49.8
-0.8
-1.6%
Current Conditions
61.9
58.6
59.1
Oct-13
-
59.9
0.5
0.9%
Future Expectations
59.7
56.2
57.8
Oct-13
-
57.9
1.6
2.8%
Current Conditions
50.8
50.5
52.4
Aug-13
-
51.2
1.9
3.8%
Future Expectations
50.0
50.6
50.6
Nov-13
-
50.4
0.0
0.0%
Current Conditions
53.4
54.1
55.4
series high
-
54.3
1.3
2.4%
Future Expectations
50.7
50.0
50.0
Nov-13
-
50.2
0.0
0.0%
Current Conditions
50.3
49.7
49.5
-
Aug-13
49.8
-0.2
-0.4%
Future Expectations
49.5
49.2
49.5
Oct-13
-
49.4
0.3
0.6%
Current Conditions
54.9
58.0
57.9
-
Oct-13
56.9
-0.1
-0.2%
Future Expectations
53.4
52.0
51.1
-
series low
52.2
-0.9
-1.7%
Inventories
Input Prices
Prices Received
Financial Position
Interest Rates Paid
Effect of Rouble Exchange
Rate
Supplier Delivery Times
Availability of Credit
2