Russia's economy has entered a recession as gross domestic output fell by four percent in the third quarter, according to first estimates published Wednesday by the national statistics agency, Rosstat. The drop in GDP follows a similar four percent contraction in the second quarter, as Western sanctions pummel Russia's economy following Moscow's offensive in Ukraine. The four percent drop in economic output between July and September was less than the 4.5 percent contraction analysts had expected.
And the rest of the world is not in a recession?!
Might be soon, but not yet. And since Europe had growth in 2022 Q3 (just barely with 0.2%, but still), the earliest we could technically be in recession is 2023 Q2.
The “growth” is due to inflation.
I think but am not 100% certain that these figures are real GDP, which takes inflation and deflation into account. Do you have better information?
We all know that the officially reported inflation rate is much lower than the actual one. GDP should be adjusted for inflation, but it’s using the official numbers, which are lower, and it looks like GDP has gone up.
Sorry, what?
Yes, but it’s now clear that you do not in fact have better information. Glad we cleared that up.
And do you have “better” information? This is not my opinion - research to see that many economists are supporting my personal point as well!
Yes, and you also have it. Simply read the article. What you seem to have is gut feeling, at least until you give us better information, i.e. sources.
And, by the way, there’s been deflation in Russia.