While most emerging markets staged a recovery in the final months of 2012, Russia appears to have bucked the trend. The latest raft of activity data suggests that growth weakened to just 2% y/y in Q4, meaning that the economy probably grew by 3.5% in 2012 as a whole. Worryingly, while the recent slowdown partly reflects cyclical factors, there is growing evidence that trend growth has also weakened.
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