Russian GDP down 4% in second quarter of 2022

Business due diligence service in Vietnam – The latest information from Rosstat shows that Russia’s GDP decreased by 4% in the second quarter, the country’s economy returned to 2018.

Preliminary figures just released by Rosstat show that Russia’s GDP fell by 4% in the second quarter compared to the same period in 2021.

The previous quarter, Russia grew at 3.5%.

Analysts said that Russia’s GDP fell due to weak consumer demand after Western sanctions.

According to Bloomberg, Russia’s current GDP is equivalent to 2018.

Russia’s GDP could fall another 2% in 2023.

Russia’s decline in the second quarter was still lower than forecast. Reuters forecast a decline of 7%. Meanwhile, Bloomberg’s forecast is 4.7%.

The Central Bank of Russia previously forecast GDP to contract by 4.3% in the second quarter and on track to decline by 7% in the third quarter.

The Russian Economy Ministry thinks GDP could fall by more than 12% in 2022, after growing by 4.7% in 2021.

The Central Bank of Russia also forecasts a GDP decline of 8% – 10%. Last month, they revised their forecast to 4% – 6%.

The economic situation is bleak due to the country launching a war against Ukraine.

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