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Russian Economic Growth Dips in Second Quarter as Inflation Rises (www.themoscowtimes.com)

submitted 1 month ago by MCasq_qsaCJ_234@lemmy.zip to c/world@lemmy.world

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The pace of Russia's economic growth slowed in the second quarter of 2024, official data showed Friday, amid concerns over stubborn inflation and warnings of "overheating."

Gross domestic product (GDP) dipped from 5.4% in the first quarter to 4% from April to June, the lowest quarterly result since the start of 2023 but still a sign the economy is expanding.

Inflation meanwhile showed no signs of easing, with consumer prices rising 9.13% year-on-year in July — up from 8.59% in June and the highest figure since February 2023, according to data from the Rosstat statistics agency.

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[-] Valmond@lemmy.world 2 points 1 month ago

Their growth is due to a war economy, but producing a 10M$ tank that will just get blown up is not really useful even if the 10M$ is "in the economy".

It's like printing more money, looks goot first but it will crash if the money isn't used for economic growth (hint: in russia it isn't).

Also, the wartime economy removes people from economically sound positions and puts them to make weaponry (not for export, to get blown up) which doubles down on the bad idea.

That6s why the inflation is galoping even when the central bank hikes intetest rates like crazy (which stifles good economical growth too!).

The russian economy is so crappy it's crazy it isn't already burning.

this post was submitted on 11 Aug 2024

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