Olga Belenkaya

Olga Belenkaya

Head of the Department of Macroeconomic Analysis of FG Finam. The leading Russian investment and financial group serving more than 450,000 clients. The company was founded in 1994 in Moscow, and now its regional network has more than 80 offices. FG Finam consists of an investment company, a management company, a bank, an information and analytical agency, as well as a licensed forex dealer and the largest exchange education training center in the Russian Federation.

Economic activity in Russia continued to grow, but "distortions" in the industry dynamics remain
Indicators
Economic activity in Russia continued to grow, but "distortions" in the industry dynamics remain
According to the Ministry of Economic Development, with the exception of the seasonal factor, GDP grew in September (+0.3% SA) compared to +0.4% SA in August, and in annual terms, GDP growth in September is estimated at 5.2% YoY, as it was a month earlier.
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There is hope for a "soft landing" in the US
Indicators
There is hope for a "soft landing" in the US
The first GDP estimate for 3Q23 published by the US Bureau of Economic Analysis showed an acceleration in economic growth to 4.9% SAAR after 2.1% in 2Q23.
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Unexpected stability of the US labor market may add to the Fed's rigidity
Human Resources
Unexpected stability of the US labor market may add to the Fed's rigidity
The published BLS report for September showed several factors confirming the continuing tension in the labor market.
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US inflation in September is slightly higher than market expectations
Indicators
US inflation in September is slightly higher than market expectations
The published BLS report showed that inflation in the US in September in annual terms remained at the level of the previous month (3.7% YoY), slightly above the consensus forecast (3.6%).
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US labor market in August 2023 – "overheating" weakens
Human Resources
US labor market in August 2023 – "overheating" weakens
The published BLS report for August showed several factors confirming the easing of tension in the labor market, which the Fed is stubbornly seeking.
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The trends of "overheating" in the Russian economy intensified in July 2023
Indicators
The trends of "overheating" in the Russian economy intensified in July 2023
According to the Ministry of Economic Development, with the exception of the seasonal factor in July, GDP accelerated growth to (+0.5% SA) compared to +0.1% SA in June
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Industrial production in Russia in July stagnates for the second month in a row
Indicators
Industrial production in Russia in July stagnates for the second month in a row
The Russian State Statistical Agency (Rosstat) published data on industrial production for July and at the same time, in accordance with the regulations, conducted an annual revision of data for 2022 and 1H23.
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US inflation data confirms disinflationary trend
Indicators
US inflation data confirms disinflationary trend
The published BLS report confirmed that inflation in the US in July increased again in annual terms for the first time in 12 months (3.2% YoY versus 3.0% YoY in June), which is due to the base effect. The result was slightly better than the consensus forecast (3.3% YoY).
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