Russian economy shows positive trend
Russian economy is on its way out of the recession. Third quarter showed a rising ruble, falling unemployment and growing gross domestic product.
The Russian economy showed a positive trend in the period July-September, after five quarters of downfall, Vedomosti.ru reports. Finance Minister Aleksey Kudrin believes that Russia is on its way out of the crisis.
Gross domestic product grew 0.6 percent in the third quarter from the previous three months. This is the first time GDP shows a positive trend since the second quarter of 2008.
A recovery in oil and commodity prices, a revival in global debt markets and investors’ renewed appetite for emerging markets put Russia’s economy on the recovery path in the summer. The ruble on Tuesday reached its strongest since December against the dollar.
Oil traded in New York touched 80 USD a barrel on Tuesday, bringing this year’s gains to almost 80 percent.
Kudrin’s recovery thesis was further supported by a reduction in the jobless rate and a pickup in retail sales. The unemployment rate fell to 7.6 percent, or 5.8 million people, from 7.8 percent in August, The Moscow Times reports. Retail sales rose 0.3 percent from August, growing for the fifth consecutive month.
