This is CBSI on the World. I'm John Bachelors.

Vladimir Putin, the president of the Russian Federation, Reuters report.

Putin says Russian economy fairing better than expected.

The quote that Reuters features, our results, says Mr. Putin,

at least for the time being, let's say, cautiously,

are better than previously expected, better than predicted.

This is a puzzle.

Analysts are looking at the GDP growth by the end of June at 1.2%

and inflation at 5.7%. Those are just numbers.

So I welcome Michael Bernstom of the Hoover institution

who's been my guide on the Russian economy

since the beginning of this war to help me understand

what Mr. Putin means by better than expected.

And what it means that the Russians are expecting

a second half of growth in some fashion,

after experiencing negativity in 2022.

Michael, this is a puzzle. Reuters is giving me a paradox

because another report from Moscow in the same time period

says the Russian budget's oil and gas revenues fell by 47%

in the first half of the year from the same period in 2022.

Now that doesn't sound like fine.

How do you interpret these discord?

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