Russian economy shrinks 4.1%

MOSCOW:

Russia’s economy shrank 4.1% year-on-year in the second quarter of 2022, data from the federal statistics service Rosstat showed on Friday, revising the contraction assessment from the previously reported 4%. Russia encountered unprecedented Western sanctions in the second quarter, the first full quarter of what Russia calls a “special military operation” in Ukraine, after Moscow sent its armed forces into Ukraine on February 24. In the first quarter, the economy grew by 3.5% in annual terms but shrank 0.4% in the first half of 2022, according to Rosstat data. Retail and wholesale sales together with repair work for vehicles showed in the second quarter the largest year-on-year contraction of 14.1% among other parts of gross domestic product. 

Published in The Express Tribune, September 10^th, 2022.

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