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Russia GDP (Q1 2021)

The improvement in Russian GDP growth to -1.0% y/y in Q1 was largely driven by a slight easing of containment measures as virus cases continued to fall during the winter. The vaccine rollout is progressing more slowly than in other countries, but we think that GDP will continue to recover over the course of this year as restrictions are eased further, mining output rebounds and social transfers support spending.

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