Russian economic growth slows to 4.3% y/y in Q3 after strongest leap since 2000

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MOSCOW, Nov 17 (Businesshala) – The Russian economy expanded 4.3% year-on-year in the third quarter of 2021, Rosstat data on Wednesday showed after its strongest growth since 2000 in the previous quarter, as it Was recovered due to a contraction. by the COVID-19 pandemic.

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Compared to the third quarter of 2019, GDP grew by 0.7%, Rosstat, the Federal Statistical Service, said.

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Russia reported annual growth of 10.5% in the second quarter, a year after the lockdown on Russia’s economic activity.

After shrinking 3% in 2020, its sharpest contraction in 11 years, the Russian economy is already back to pre-pandemic levels, fueled by a rebound in global commodity prices.

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But impacted by a weaker ruble and higher inflation, living standards and some sectors have not fully recovered.

Persistent rising inflation prompted the central bank to raise its key interest rate six times this year and another hike is likely next month. (Reporting by Andrey Ostrokh Editing by Gareth Jones)

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