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In the first seven months of 1998 the decline on the corresponding period the previous year had been 8.9%; in September the fall on September 1997 reached 29.7%.
According to Russian estimates, GDP is overstated by between 30% and 40% as a result of excessive prices in barter trade. Such prices are agreed upon by suppliers and customers in the hope of being in a better position to obtain state aid in meeting their outstanding payments once they reach epidemic proportions.
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This text contains the introductory and summary chapters of the full report which is available in German. InWochenbericht des DIW, no. 51-52/98, Berlin.
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DIW., IFW. & IWH. The economic situation in Russia. Economic Bulletin 36, 17–20 (1999). https://doi.org/10.1007/BF02684060
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DOI: https://doi.org/10.1007/BF02684060