Kremlin affirms Russia avoids economic collapse

Speaking to reporters on November 18, Russian Kremlin spokesman Dmitry Peskov said Moscow had prevented the risk of economic collapse after having to endure a series of sanctions from the US and the West against the country since 2022.

"The risk of an economic collapse is real. We really have to mobilize all domestic resources to prevent this risk," Mr. Peskov said.

In addition, Mr. Peskov also emphasized that the Russian economy is under pressure from unprecedented sanctions and Russia must not only manage to ensure stability but also create a "growth trend" for the economy.

According to data released by the Russian Federal Statistics Service (Rosstat) on November 15, the country's gross domestic product (GDP) growth in the third quarter reached 5.5%. This is the second consecutive quarter that the Russian economy has recorded growth after a previous decline.

The main drivers of Russian economic growth were manufacturing (up 10.2%), construction (up 8%) and agriculture (up 4%).

In addition, the economy was also supported by growth in consumer activity as wholesale sales increased by 22.9% and retail sales increased by 11.3%.

Previously, Russia's GDP in the first quarter fell by 1.9%. GDP in the second quarter grew by 4.9%, marking the first time the Russian economy grew after a rapid decline last year due to the impact of US and Western sanctions.