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 10th, 2022.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.
COMMENTS
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ