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2.4 EUROPE--Russia
2017/11/26
In the last quarter of 2016, the Russian economy began to recover from the crisis. GDP growth is expected to be around 2% in 2017. In this September, the exchange rate of the national currency strengthened against the U.S. dollar compared to the same period last year. As a result, Russia’s income in U.S. dollars increased by more than 20%. Inflation in 2017 is at a record low and amounted to 2.4% since the beginning of the year.
 
Russia, the fifth largest chiller and air-side market of Europe, was worth US$ 268.6 million in 2016 which has represented a contraction of 5%. Although the overall market declined, fan coil sales registered a spectacular growth of 47% in 2016 in value and 42% in volume terms. This was caused by the fact that many office and shopping center projects were resumed and completed and the building owners started to rent the floor space and installing FCUs.
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