俄罗斯在2025年第二季度公布了73亿美元的经常账户盈余，与向下修正的177亿美元相比大幅收窄。这是自2020年第四季度以来俄罗斯经常账户盈余的最低水平，当时疫情危机引发了俄罗斯出口商品价值的暴跌。由于中国能源需求放缓，第二季度商品顺差从去年的301亿美元收窄至272亿美元。自2022年西方制裁以来，中国一直是俄罗斯大宗商品出口的主要客户。反过来，服务赤字从78亿美元扩大到129亿美元，而一级和二级账户缺口总额从46亿美元扩大至70亿美元。

Russia posted a current account surplus of $7.3 billion in the second quarter of 2025, narrowing sharply from the downwardly revised $17.7 billion. It was the lowest current account surplus for Russia since the fourth quarter of 2020, when the pandemic crisis triggered plunges in the value of commodities that Russia exports. The surplus of goods narrowed to $27.2 billion in the second quarter from $30.1 billion in the previous year, pressured by slowing demand for energy from China, which has been the main costumer for heavyweight commodity exports for Russia since Western sanctions from 2022. In turn, the deficit for services widened to $12.9 billion from $7.8 billion, while the primary and secondary account gap aggregates widened to $7 billion from $4.6 billion.

初步估计显示，2025年第二季度，俄罗斯国内生产总值增长1.1%，较去年同期的4%大幅放缓。尽管受到西方制裁，但去年国防开支飙升提振了经济，现在经济增长放缓，衰退风险上升。旨在遏制顽固通货膨胀的高利率正在拖累经济活动。普京总统驳斥了乌克兰战争正在削弱经济的说法，指出债务低和多样化。在2024年增长4.3%之后，央行预计今年仅增长1-2%，而经济部可能会修改其2.5%的预测。

Russia’s GDP grew 1.1% in Q2 2025, slowing sharply from 4% a year earlier, preliminary estimates showed. The economy, boosted last year by soaring defence spending despite Western sanctions, now faces cooling growth and rising recession risks. High interest rates aimed at curbing stubborn inflation are weighing on activity. President Putin rejects claims the Ukraine war is crippling the economy, pointing to low debt and diversification. After 4.3% growth in 2024, the central bank expects only 1–2% this year, while the economy ministry may revise its 2.5% forecast.

2025年7月，俄罗斯的年通货膨胀率连续第四个月降至8.8%，为去年10月以来的最低水平，而6月份为9.4%。这一发展符合俄罗斯央行的预测，即通胀压力不太可能保持在今年上半年的高位，但价格增长仍远高于央行4%的目标。服务业的价格增长仍然最高（11.9%），被视为俄罗斯消费者篮子中最具粘性的部分。反过来，食品的通胀率也有所上升（10.8%），而非食品类商品的通胀率则有所下降（4.1%）。核心通胀率为8.5%）。与上月相比，消费者价格上涨了0.6%。

The annual inflation rate in Russia eased for a fourth straight month to 8.8% in July of 2025, the softest since October of last year, from 9.4% in June. The development was in line with the Bank of Russia's forecast that inflationary pressures were unlikely to remain at the elevated level from the first half of the year, but price growth still held well above the central bank's 4% target. Price growth remained the highest for services (11.9%), seen as the stickiest portion of the Russian consumer basket. In turn, inflation was also elevated for food (10.8%), while being softer for non-food goods (4.1%). Core inflation was at 8.5%). From the previous month, consumer prices were 0.6% higher.

俄罗斯消费者价格指数（月环比）：0.6%（7月）对比0.2%。俄罗斯消费者价格指数（月环比）：0.6%（7月）对比0.2%

Russia Consumer Price Index (MoM): 0.6% (July) vs 0.2%.Russia Consumer Price Index (MoM): 0.6% (July) vs 0.2%