The Russian economy is on the verge of collapse

According to official data from the Russian Ministry of Economic Development, in July-September, GDP increased by 0.6% in annual terms after growing by 1.1% in the second quarter, 1.4% in the first, and 4.5% in the fourth quarter of last year.

Against this background, there was a temporary surge in production in certain industries.

The Central Bank of the Russian Federation decided to lower its forecast — that is why it expects annual GDP growth in the fourth quarter to range from minus 0.5% to plus 0.5%.

It is worth noting that in the summer the Russian Central Bank did not allow a recession and predicted growth of 0% to 1% in October-December.

The quarterly decline in annual terms will be Russia's first since January-March 2023: then the economy fell by 1.6%, after which it only worked in the black.

As analysts note, GDP growth in the third quarter of this year turned out to be much lower than the Russian authorities had expected.

The Central Bank of the Russian Federation is trying hard to convince Russians that the "overheating of the economy" is gradually decreasing.