The Russian economy shrank by 4% due to sanctions-statistics
2022.11.16 11:22
The Russian economy shrank by 4% due to sanctions-statistics
Budrigannews.com – Russia’s economy shrank by 4% year in the third quarter of 2022, data from Statistical Office Rosstat showed on Wednesday, as the results of the country’s military actions in Ukraine continued to weigh on the economy.
This was a slight improvement over the second quarter, when gross domestic product (GDP) fell by 4.1% year-on-year as Western sanctions began to affect Russia’s finances and economy as a whole.
Russia deployed tens of thousands of troops in Ukraine. 24 in what Moscow calls a “special military operation.””Before the full effect of sanctions was felt, the Russian economy grew by 3.5% annually in the first quarter.
The Russian Economy Ministry predicts that GDP will fall by 3% this year, while the central bank expects it to fall by 3.5% and return to growth in the second half of 2023-29.
