Moscow - Russia's economy avoided a recession with zero growth in the second quarter even as it remains at risk of stalling, Deputy Economy Minister Andrey Klepach said.
"A technical recession seems to have been avoided," Klepach said in an interview with Interfax in comments confirmed by the ministry's press service. Still, the country faces "a period of stagnation or pause in growth."
Gross domestic product posted zero growth in the April-June period from the first three months, when it shrank 0.5 percent, according to preliminary data. The Economy Ministry had predicted a 0.1 percent drop in the period, according to Klepach. A technical recession is defined as two straight quarters of contraction on a quarterly basis.