Russia Sidesteps Recession for Now, Even as Momentum Fades

Russia’s economy returned to growth last quarter, dodging a recession despite pressure from ultra-high interest rates.

Gross domestic product in annual terms expanded 1.1% in the second quarter, according to preliminary data from the Federal Statistics Service published Wednesday. The median estimate of analysts surveyed by Bloomberg was 1.5%, but the figure still implies the economy slightly grew quarter-on-quarter to avoid a second straight contraction — the definition of a technical recession.