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Russia GDP (Q1 2023)

The smaller-than-expected 1.9% y/y contraction in Russian GDP in Q1 suggests that the economy has turned a corner and that growth accelerated in q/q terms at the start of this year. Industry and retail sales are receiving a boost from government spending and this is likely to continue in Q2. We think Russia’s economy is on track to post positive GDP growth in 2023 as a whole.

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