The weaker-than-expected 1.2% y/y increase in Russian GDP in Q3 is likely to reinforce concerns that the slump in Emerging Europe’s largest economy over the past year will be longer-lasting than many had initially assumed. But although the headline growth figure was weak, the bigger concern is arguably that there remains little evidence of a much-needed rebalancing in the drivers of Russia’s economy away from consumer spending and towards greater investment.
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