FXstreet.com (Barcelona) - The Russian economic activity grew 2.9% on a yearly basis during the third quarter, but poor data out of the economic fundamentals as of late are now prompting analysts to start re-considering previous growth forecasts for the next year.

Liza Ermolenko, Emerging Markets Economist at Capital Economics, adds that there is little room for any manouver regarding further monetary easing, “as lending rates are already negative in real terms means that significant rate cuts are unlikely”.

“The recent slowdown has been somewhat sharper than we had originally anticipated and, hence, we now expect growth to slow to just 2% y/y in 2013 . This is at the very bottom of consensus expectations, which still envisage a pick-up in growth next year”.