Russia’s economic woes

Economic growth slowed in Russia during the second quarter of this year, according to the first flash estimate issued today. The year on year growth in GDP was 0.8% year on year, down from the 0.9% growth reported in the first quarter. More information will be released in mid-September, but if the flash estimate is correct it looks like Russia may have entered a technical recession, as normally defined - a quarterly contraction of GDP for two consecutive quarters. Sanctions, if they bite, will only deepen this trend.

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