MOSCOW (Reuters) – Russia’s gross domestic product (GDP) grew by 2.4% year-on-year in August, down from the revised 3.5% annual increase recorded in the previous month, the economy ministry said on Wednesday.
The July growth figure had been revised from 3.4%. In January-August the economy grew 4.2%.
Russia’s economy contracted in 2022 and growth now relies heavily on large-scale government spending on arms production as Moscow funds the conflict in Ukraine, while the central bank has warned that the economy is overheating.
(Reporting by Darya Korsunskaya, Writing by Maxim Rodionov, Editing by Timothy Heritage)
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