Russia's labor market, inflation dynamics indicate smooth recovery from overheating economy - CBR Deputy Governor Zabotkin

MOSCOW. Oct 6 (Interfax) - Russia's low unemployment and its gradual slowdown in inflation indicate smoothly recovering from the overheating economy, Russian Central Bank Deputy Governor Alexei Zabotkin.

"Unemployment figures have remained at record lows throughout this year. These data, along with continued high employment and a gradual slowdown in price growth and inflation, suggest that a smooth recovery from an overheating economy last year is underway," Zabotkin said at a parliamentary hearing in the Federation Council.

Zabotkin also said that a decline in production in certain sectors is considered a sign of economic decline.

"This is not the case of course. An economic downturn or recession is a deterioration across a broad range of indicators. It affects a large part of the economy when it occurs, and manifests itself in a decline in output, a sharp rise in unemployment above long-term averages, and a decline in real wages. This is absolutely not happening here," Zabotkin said.