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Real GDP growth in Russia climbed to 2.5 percent on a year-ago basis, topping expectations and marking the first print above 1 percent since the oil price slide began back in 2014. The past couple of years have been challenging for the Russian economy, as the plummeting ruble and skyrocketing inflation led to a rapid tightening in monetary policy and a severe recession. More recently, commodity prices and the ruble have stabilized, and inflation has receded. This in turn has allowed the central bank to bring its main policy rate back down, helping to plant the seeds for the budding economic recovery that has taken root.

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