Economics
Russian Economy Rebounding From Covid Slump After Lockdown
- Fourth quarter GDP shrank 1.8%, beat forecast of 2.2% decline
- Central bank began raising interest rates to combat inflation
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Russia’s economy continued to rebound from its pandemic-induced recession in the fourth quarter of 2020, easing its contraction as President Vladimir Putin opted against imposing a second national lockdown.
Gross domestic product declined 1.8% from a year ago, the Federal Statistics Service said Thursday. That was less than the median forecast of economists for a drop of 2.2%. The full-year contraction was revised to 3% from 3.1%, the service said, also updating previous quarters.