Russia's economy has entered a recession as gross domestic output fell by 4% in the third quarter, according to first estimates published Wednesday by the national statistics agency, Rosstat. The drop in GDP follows a similar 4% contraction in the second quarter, as Western sanctions pummel Russia's economy following Moscow's offensive in Ukraine. The 4% drop in economic output between July and September was less than the 4.5% contraction analysts had expected.
And, by the way, there’s been deflation in Russia.