OREANDA-NEWS. The response of the Russian economy to the next round of oil price drop in early 2016 turned out considerably weaker than last year. The estimated dynamics of the key economic indicators in Q1 this year are close to the upper border of the Bank of Russia's forecast, notes the March issue of the information and analytical comment 'Economy: Facts, Estimates and Comments'.

The development of import substitution and non-commodity exports, as well as stabilisation of economic agents' sentiment point to a gradual adjustment of the Russian economy to the changed external environment. The export of goods and services underpins the economic activity. At the same time, households still show low demand for durable consumer goods.

The situation in the labour market remains stable: the unemployment rate persists at a low level and the real wage drop slowed on the back of lower inflation.

The material is published in the sub-section Comments on the Current Economic Situation of the section Monetary Policy.