After having suffered its worst contraction in six years in Q2, data available so far for Q3 indicate that the economy has bottomed out. Industrial production continued to decrease in September, but the contraction was the softest in the last six months. On the external front, the pace of contraction in exports, although still dramatic, also saw a moderation in September. Russian consumers were a bit more pessimistic in Q3, as high inflation and low wages are denting their purchasing power.