×
Enjoying ad-free content?
Since July 1, 2024, we have disabled all ads to improve your reading experience.
This commitment costs us $10,000 a month. Your support can help us fill the gap.
Support us
Our journalism is banned in Russia. We need your help to keep providing you with the truth.

Russia’s Economy Grew Strongly in Third Quarter

But economists say Russia’s economic momentum is waning under the pressures of a fourth wave and high inflation.

Russia's economy has started to slow down after a strong recovery from the coronavirus pandemic in the first nine months of the year. Kirill Zykov / Moskva News Agency

Russia's economy rebounded in the third quarter as the country continues to recover from the impact of the coronavirus pandemic, official figures showed Wednesday.

Gross domestic product grew by 4.3% compared to July-September last year, with strong gains in passenger transport, retail trade and mining, according to the federal statistics agency.

It was the second consecutive quarter of growth, after the economy rebounded by 10.3% in the second quarter with strong gains in the same industries.

The economy had contracted in the first three months of the year.

The rebound, however, is mainly a post-pandemic catch-up and not an indication of strong growth momentum.

Russia imposed just one lockdown in the spring last year and has kept its economy open since then, apart from a week-long shutdown in Moscow ending earlier this month.

The lack of lockdowns limited last year's economic contraction to 3.1%, faring better than European countries that imposed more and longer shutdowns.

But Russia, like other countries, is facing a spike in inflation which is worrying officials.

On Monday, Russia's central bank chief warned that record-breaking inflation, which reached 8.1% year-on-year last month, was a "real disaster" for the country.

A Message from The Moscow Times:

Dear readers,

We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."

These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.

We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.

By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more