Support The Moscow Times!

Economy Stagnates in November

The Russian economy stagnated in November, data published on Wednesday showed, making it even more likely that the ruble's rapid collapse so far this month will push it into recession next year.

Investment by Russian companies, once a staple of the country's economic performance, fell sharper than expected last month, underlining pressure from Western sanctions imposed on Moscow for its role in the Ukraine crisis.

Retail sales rose in line with expectations, but at a 1.8 annual increase they were a fraction of what their rise had been in the post-2008 crisis when consumer demand fueled the economy.

The set of data, which also noted some increase in real wages, follows industrial production numbers, released on Monday, showing that industry output disappointed last month, falling by 0.4 percent, against analysts' expectations of a 1.1 percent rise.

Sign up for our free weekly newsletter

Our weekly newsletter contains a hand-picked selection of news, features, analysis and more from The Moscow Times. You will receive it in your mailbox every Friday. Never miss the latest news from Russia. Preview
Subscribers agree to the Privacy Policy

A Message from The Moscow Times:

Dear readers,

We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."

These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.

We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.

By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more