Russia's economy is officially in recession

Nine months after Russia invaded Ukraine, its economy has entered a recession, according to government statistics released this week.

The nation's output has shrunk for two consecutive quarters, according to Rosstat, the government statistical agency.

In the July-September period, Russian economic output fell 4% from the corresponding period the year before, Rosstat announced. Wholesale, retail, shipping and manufacturing activity fell during that period, while construction and agriculture grew, the government said.