- Russia's GDP fell 4% on-year in the third quarter of 2022 — its second straight quarterly decline.
- That means the country has fallen into a $4
Eight months after it attacked Ukraine, Russia's economy has finally fallen into a recession, according to official data from Moscow released Wednesday.
Its GDP fell by 4% in the third quarter of the year from a year ago, according to $4 Russia's statistics agency. This followed a 4.1% year-on-year decline in its second-quarter GDP — meaning the country has fallen into a $4 after two straight quarterly contractions.
Though the textbook definition $4 of a serious downturn — Russia's third-quarter GDP slide was in milder than the $4 it had expected earlier — Elvira Nabiullina, the country's top central banker, said Tuesday the country needs to look at the economic situation "very soberly with open eyes" and be prepared for any development, according to news agency $4
"Yes, the situation can worsen, we understand this," Nabiullina told Russian lawmakers, according to the news agency, adding it was necessary to restructure the economy.
Nabiullina's assessment of the economy followed months of intensifying sanctions against Russia over its invasion of Ukraine. International companies have $4 while much of its $4 have been frozen since the start of the war on February 24.
And while $4 had propped up Russia's economy for a while, the tide seems to be turning — in part, due to President Vladimir Putin's $4 order that sent many $4 Research from the $4 showed the country's economic activity stalled in September.
Russia's central bank expects the country's economy to contract by 3% to 3.5% in 2022, Nabiullina said on Tuesday, according to an $4