Russia's economy recovering strongly

RUSSIA / FSU POLITICS - In Brief 18 Nov 2021 by Alex Teddy
On November 17 data for Q3 2021 published. The country is getting over coronavirus economically even though the number of deaths is climbing despite a falling caseload. GDP grew 4.3% in Q3 compared to the same period in 2020. Transport, retail and mining grew particularly strongly. Q2 also saw growth: 10.3% Q1 2021 was a month of shrinkage. These rosy economic statistics should be treated with caution. The Russian Statistics Agency is notorious for massaging data so it looks good for the government. However, the picture they provided is widely agreed to be close to the truth this time.Growth is mostly putting Russia back where it was before the pandemic. Russia had a single nationwide lockdown in Q2 2020. Russia has only had a some brief regional lockdowns since. In 2020 Russia lost 3% of its economy. That was less of a loss than was experienced by any major economy. Obstinately high inflation is Russia's real headache. It is 8.1% compared with November 2020. The head of the Russian Central Bank described this as a ''disaster.''

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