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Russian economy showing signs of recovery

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Russian economy showing signs of recovery

The Russian economy has grown by 13.9 percent over the previous quarter according to the country’s federal statistics agency. President Dmitry Medvedev announced on Thursday that he takes this as a sign of Russia’s stabilisation following the global economic downturn. Oil exports have traditionally been the source of Russia’s wealth, and the country suffered badly when the oil price plummeted on the back of the recession. The recovery in the oil price is the key factor behind the growth for the period July to September 2009, but the Russian economy is still 8.9 percent down on the same period in 2008. Read more: BBC

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