Russia enters recession, GDP shrinks 4% in third quarter © Provided by WION
Moscow Times/AFP: Russia Falls into Recession
Russia's economy has entered a recession as gross domestic output fell by four percent in the third quarter, according to first estimates published Wednesday by the national statistics agency, Rosstat.
The drop in GDP follows a similar four percent contraction in the second quarter, as Western sanctions pummel Russia's economy following Moscow's offensive in Ukraine.
The four percent drop in economic output between July and September was less than the 4.5 percent contraction analysts had expected. The contraction was driven by a 22.6 percent plunge in wholesale trade and a 9.1 percent drop in retail trade.
On the bright side, construction grew by 6.7 percent and agriculture by 6.2 percent.
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Update #1: Russian Economy Shrinks 4% in Third Quarter - Statistics Agency (Reuters)
Update #2: Russia enters recession, GDP shrinks 4% in third quarter (WION)
WNU Editor: I have said it many times in the past. Russia's economy is weird.
The economy is in recession but everyone is working. The ruble is one of the strongest currencies in the world, even though the West has imposed comprehensive sanctions. The country is so filthy rich when it comes to resources that I think only the surface has so far been scratched, and there are buyers for everything that is produced. There is no government debt (it actually has a surplus). And everyone has a side hustle that I know is off the books even though I would estimate it represents a fifth of the economy.
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