MOSCOW, Russia —
The four percent drop in economic output between July and September was less than the 4.5 percent contraction many analysts had expected, however. Companies have also been suffering from a lack of staff as a partial mobilisation has taken several hundred thousand men out of the workforce. According to the office of Boris Titov, the presidential commissioner for entrepreneurs, about a third of the 5,800 Russian companies recently surveyed had suffered a drop in sales in the past months.
On November 8, the central bank predicted gross domestic product would contract by 3.5 percent this year. After Russia was hit by Western sanctions, the central bank drastically raised the key rate from 9.5 percent to 20 percent in a bid to counter inflation and prop up the ruble.
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