“The automotive industry has seemingly become a leading indicator for the Russian economy, as it reacted most quickly to the changed economic conditions,” said Olga Belenkaya, economist at Finam.
Still, “there is no certainty that a bottom in the economy has already been reached — perhaps it will happen next year.”
The car market in Russia, which once rivaled Europe’s biggest economies by sales, has survived but emerged shrunken and transformed.
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