Russian Economy Has ‘Already’ Entered a Recession

Russia’s economy has “already” entered its first recession since 1998, Deputy Economy Minister Andrei Klepach said today.

“The recession has already begun and, I’m afraid, it won’t end in two quarters,” Klepach said in comments made in Moscow today that were confirmed by his press secretary.

The economy will expand less than the ministry’s forecast of 6.8 percent this year and industrial growth will slow to 1.9 percent in the year, he said.

Gross domestic product growth dropped to 6.2 percent in the third quarter, the slowest pace in three years, as the spreading global financial crisis choked investments and put the brakes on retail and construction growth. Industrial output is expected to shrink in November for the first time since the Federal Statistics Service changed its methodology almost six years ago, as demand for oil and metals plummeted amid the global slowdown.

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