Economic Indicators
Russian economic growth slows to 3.5% y/y in Q1 – Rosstat
2022.05.18 19:35
FILE PHOTO: A general view of city skyline and skyscrapers under construction during sunset as the spread of the coronavirus disease (COVID-19) continues in Moscow, Russia May 16, 2020. REUTERS/Maxim Shemetov
(Reuters) – The Russian economy expanded by 3.5% year-on-year in the first quarter of 2022 after growing 5% in the previous quarter, data from federal statistics service Rosstat showed on Wednesday.
The first quarter is expected to have been the last with sound growth before the Russian economy took a hit from sweeping sanctions for Moscow’s decision to send tens of thousands of troops into Ukraine on Feb. 24.
The economy ministry said this week it expected gross domestic product (GDP) to contract by 7.8% in 2022.
