© Reuters. FILE PHOTO: A vendor gives candies to customers at a food market in Saint Petersburg, Russia, November 10, 2023. REUTERS/Anton Vaganov/File Photo
MOSCOW (Reuters) – Russia’s gross domestic product (GDP) growth in the third quarter was confirmed on Wednesday at 5.5% compared with the same period last year, when it shrunk 3.5%, the state statistics service Rosstat said.
Russia’s economy is on course to recover this year from a 2.1% drop in GDP in 2022, as the West imposed sweeping sanctions against Russia over its invasion of Ukraine.
In January-September, GDP grew 3% Rosstat said. In the first quarter of this year, GDP decreased 1.8% and grew 4.9% in the second.
Russia’s success in evading a Western oil price cap is helping drive a recovery in economic growth as President Vladimir Putin prepares to run for re-election, despite the problems caused by labour shortages, inflation and high interest rates.
