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Russian central bank says economic downturn to deepen in Q3

Russia’s economic contraction will deepen in the third quarter of 2022, while its strong current account surplus, the key driver of the rouble’s recent rebound, will shrink in the second half of this year, the central bank said on Monday. Russia’s export-dependent economy is plunging into recession after Moscow sent tens of thousands of troops into Ukraine on Feb. 24, triggering sweeping financial and economic sanctions from the West. Gross domestic product will fall by 7% in the third quarter after contracting by 4.3% in the second quarter, the central bank said, projecting the economy will start recovering in the second half of 2023.

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