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Russia's economy enters a recession as gross domestic product (GDP) declines by four percent in the third quarter, following a similar contraction in the second quarter. The drop in economic output is attributed to Western sanctions imposed after Russia's offensive in Ukraine. Wholesale and retail trade experience significant declines, while construction and agriculture show modest growth. Despite the economic downturn, Russia's unemployment rate remains at 3.9 percent. The central bank maintains its key interest rate unchanged at 7.5 percent as it adapts to the challenging circumstances.
Tuesday, 15 November, 2022