World Economy

Russia Economic Recovery Slows in Q3

Russia Economic Recovery Slows in Q3Russia Economic Recovery Slows in Q3

Russia’s economic bounceback from a two-year recession that ended in 2016 slowed in the third quarter, the economy minister said, AFP reported. Gross domestic product grew 2.2% year-on-year between July and September, Economy Minister Maxim Oreshkin said during a meeting with President Vladimir Putin, according to a transcript on the Kremlin website. In the second quarter, growth was 2.5% year-on-year, according to statistics agency Rosstat, which is due to release official third-quarter data in the coming weeks. With five months to go until Russia’s presidential election, at which Putin is expected to win a fourth term, the figures may fan concerns that growth will falter unless there are structural reforms to reduce the country’s dependence on oil and gas exports. A crash in oil prices in 2014, along with international sanctions imposed over Moscow’s actions in Ukraine, helped push Russia into its longest recession since the Kremlin strongman came to power at the end of 1999.


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