Aleksandr Novak has cited record low unemployment and rising incomes as signs pointing to renewed growth The Russian economy remains fundamentally strong despite contracting in the first quarter of 2026, Deputy Prime Minister Aleksandr Novak has said, citing low unemployment, rising household incomes and improving business activity as evidence that the slowdown may be temporary.  Russia’s GDP shrank by 0.3% year-on-year in the first quarter, marking the country’s first quarterly contraction since early 2023. The slowdown followed years of rapid expansion, with the economy having grown by over 4% in 2023 and 2024 before easing to around 1% last year.  Novak told business daily Vedomosti on Tuesday that the downturn was part of a normal economic cycle.…