Initial estimate of Russia's Q1 15 GDP points to better prospects

While Russia's monthly indicators released for Q1 15 highlighted pronounced negative dynamics, the initial estimates of quarterly GDP do not seem that bad (Rosstat: -1.9% yoy, SG: -2.7% yoy, CNS: -2.6% yoy). 

With contraction in household consumption as sizeable as it was, a weaker decline in investment and a remarkable adjustment in external trade on the side of imports must have played their part. 

As of today, Societe Generale still anticipates a GDP contraction of 3.5% in 2015, north of the market consensus (-4.0% yoy).