Vladimir Putin
Russian President Vladimir Putin delivers a speech before a ceremony celebrating Women's Day in Moscow on March 8, 2023.
  • Russia's GDP figures may not tell the full story, and the uncertainty of war leaves reason to be cautious about official data, experts say.
  • Alternative indicators measured by two economists for the Centre for Economic Policy Research suggest the nation's slowdown is worse than stated.
  • Higher military spending has covered up weaker retail sales and a stagnation in the housing market, according to economists.

The Russian economy isn't faring as well as Moscow's data suggests, and experts say huge military spending is masking the slowdown in the private sector.