Russia officially enters recession, GDP shrinks 4% in third quarter
An emblem is displayed on the gate of the Russian Embassy in London
Nine months after beginning its military offensive in Ukraine, Russia has entered a recession as a result of the economic pressure caused by Western sanctions, according to official figures released on Wednesday.
In thethird quarter,GDP decreased by four per cent, according to a preliminary estimate by the national statistics office Rosstat.
With two consecutive quarters of declining GDP, which follows one of a similar size in the second quarter, Russia now satisfies the technical criteria for a recession.
The decrease in economic output between July and September was four per cent, which was less than the 4.5 per cent reduction that many economists had predicted.
A 22.6 per cent decline in wholesale trade and a 9.1 per cent decline in retail trade were the main contributors to the contraction.
Agriculture increased by 6.2 per cent, and building increased by 6.7 per cent.
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Exports and imports, notably those of essential industrial parts and spare parts, have been restricted by Western sanctions.
As a result of a partial mobilisation that forced several hundred thousand men out of labour, businesses have also been struggling with a staffing shortage.
Rosstat reports that even though the economy is shrinking, the unemployment rate in Russia was only 3.9 per centin September.
As a result, the Russian economy has grown even more reliant on energy exports, which have generated around 40 per centof the country's total income.
(with inputs from agencies)