Russia GDP Contracts Less Than Forecast in First Quarter

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Russia’s economy is recovering faster than expected and the central bank now thinks output will reach its pre-Covid-19 level before the end of this year. Gross domestic product contracted 1% in the first quarter from a year earlier, according to official data released Monday, less than the 1.2% expected by economists in a Bloomberg survey. “Output should surpass its pre-pandemic peak in the second half, but the economy will probably never return to its pre-pandemic trajectory,” said Scott Johnson of Bloomberg Economics.