Russia’s economy contracted 2.1 per cent in 2022 via IrishTimesBiz
The Russian economy contracted at about 2.6% last year, according to official statistics. Photograph: Yuri Kadobnov/AFP via Getty ImagesRussia’s economy contracted 2.1 per cent last year, the federal statistics service said on Monday, compared with a 5.6 per cent year-on-year rise in 2021, hurt by the fallout from Moscow’s decision to send tens of thousands of troops into Ukraine last February.
Rosstat's first gross domestic product estimate for 2022 was a marked improvement on forecasts made soon after the conflict began. The economy ministry at one point predicted that Russia's economy would shrink more than 12 per cent last year, exceeding the falls in output seen after the Soviet Union collapsed and during the 1998 financial crisis.
Before the conflict in Ukraine began the Russian government had expected GDP growth of 3 per cent in 2022. Manufacturing industries and wholesale and retail trade were among the sectors that declined in 2022, while agriculture, hospitality, construction and mining all registered growth.
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