Russia’s GDP grew 0.5% in September, industrial output up 1.8%

The headline growth figures matter less than their context: with no sector breakdown provided, it is impossible to tell whether the industrial gain reflects genuine capacity or the distortion of a war-driven economy under sanctions. For markets, this is a reminder that Russian macro data arrives stripped of the detail needed to assess durability. Whether subsequent releases offer a fuller breakdown — and whether the modest pace holds — is the open question.