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21-05-2022, 01:18 PM
https://www.bloomberg.com/news/articles/...st-quarter
Russia’s Economy Slowed Down More Than Expected in First Quarter
GDP growth slipped to 3.5%, missing median forecast of 3.7%
Economy heads into deep recession amid sanctions over Ukraine
Russia’s economic growth slowed in the first quarter, as the initial impact of sanctions imposed following President Vladimir Putin’s invasion of Ukraine began to show up.
Gross domestic product rose 3.5% from a year ago, down from a gain of 4% in the previous three months, the Federal Statistics Service said Wednesday, citing preliminary numbers. That was less than the median forecast of economists polled by Bloomberg for an increase of 3.7%, which matched an estimate from the Economy Ministry.
Mining, which includes oil and gas, helped drive the growth with an 8.5% increase, while manufacturing was up 5.1%. Farm output increased only 1.9%, while retail sales were up 3.5%.
....
Softening consumer demand has helped bring down inflation, which spiked in the aftermath of the invasion. In the seven days ended May 13, weekly price growth eased to just 0.05%, the slowest pace since last September, the statistics service, also known as Rosstat, said in a separate report Wednesday.
Russia’s Economy Slowed Down More Than Expected in First Quarter
GDP growth slipped to 3.5%, missing median forecast of 3.7%
Economy heads into deep recession amid sanctions over Ukraine
Russia’s economic growth slowed in the first quarter, as the initial impact of sanctions imposed following President Vladimir Putin’s invasion of Ukraine began to show up.
Gross domestic product rose 3.5% from a year ago, down from a gain of 4% in the previous three months, the Federal Statistics Service said Wednesday, citing preliminary numbers. That was less than the median forecast of economists polled by Bloomberg for an increase of 3.7%, which matched an estimate from the Economy Ministry.
Mining, which includes oil and gas, helped drive the growth with an 8.5% increase, while manufacturing was up 5.1%. Farm output increased only 1.9%, while retail sales were up 3.5%.
....
Softening consumer demand has helped bring down inflation, which spiked in the aftermath of the invasion. In the seven days ended May 13, weekly price growth eased to just 0.05%, the slowest pace since last September, the statistics service, also known as Rosstat, said in a separate report Wednesday.
