А У нас оказывается кризис перепроизводства....

The main story in the Russian equity market on Friday was an epic fall of food retailer Magnit shares (-11.4%). For all fixed income investors our advice would be to take a closer look at its 3Q report. It may give you a good hint about margins in the industry. In my view, it reflects some structural developments in the Russian economy and in particular in the agriculture and food-producing industry.
When Russia imposed embargo on food imports from the West in 2015, the industry enjoyed a pretty significant inflow of investment into the agriculture and food producing sectors. If you look at productivity gains across the economy since the economic crisis started in 2014, agriculture sector would be the only one with growth about 3-5% a year (against negative gains for the overall economy). Furthermore, in 2014-2016 cumulative labour productivity gains in the agriculture sector were +12.1%, in the wholesale and retail sales it was -12.9%!!! It's not even a gap, it's an abyss.
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