Russia's economy grew 0.5 percent in July month-on-month, data showed on Monday, giving hope the recession might be coming to its end, but officials warned it is too soon to say the crisis is over. Investors are looking for signs of green shoots after low oil prices, falling world demand for its exports, investor risk aversion over emerging markets and the global credit crunch pushed Russia into its first recession in a decade this year.
"In July we can say with greater certainty that the overall slowdown in the economy has ended, and it is moving to a phase of reanimation," Deputy Economy Minister Andrei Klepach - the first official to admit the economy was in recession last December - told reporters.
There was also some good news on the corporate front, with Russia's second-biggest oil firm, LUKOIL, securing a $1.2 billion loan from 12 foreign banks in further proof that international debt markets are starting to thaw. July's economic growth, unadjusted for seasonal effects, follows a smaller month-on-month increase in June, Kleapch said.