Russia finally falls into recession as Western sanctions hit GDP

Russia has entered a recession, nine months after launching its offensive in Ukraine as Western sanctions weigh on the economy, according to official data.

Gross domestic product shrank four percent in the third quarter, according to a preliminary estimate by the national statistics agency Rosstat on Wednesday.

As that follows one of the same size in the second quarter, Russia now meets the technical definition of a recession with two consecutive quarters of falling GDP.

Load More