Russian economy shows signs of weakness

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Russian economy shows signs of weakness
Photo: Pavel Bednjakov/AP/TT

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GDP growth in the third quarter was 0.6 percent at an annual rate, compared with analysts' expectations of 0.7 percent according to the Bloomberg news agency forecast.

But according to the AFP news agency, growth in the third quarter alone was close to zero.

Inflation in October was 7.7 percent at an annual rate, compared with an expected 8 percent.

At the beginning of the year, analysts predicted growth of 1.5 percent for the full year this year.

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At that time, the central bank's policy rate was 21 percent, but it has since been lowered to 18 percent to try to get things moving again.

AFP writes that the costs of the war in Ukraine and Western sanctions are taking their toll on the economy.

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TT News AgencyT
By TT News AgencyEnglish edition by Sweden Herald, adapted for our readers

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