Ministry of Economic Development: GDP decline in March slowed to 1.1 percent from 2.9 percent on an annual basis
MOSCOW, May 3 – RIA Novosti. According to the review of the Ministry of Economic Development “On the current situation in the Russian economy”, the fall in Russia’s GDP in March fell from 2.9% in February to 1.1% on an annual basis, in the first quarter the economy decreased by 2.2% .
“YoY, the decline in GDP slowed to 1.1% year-on-year, after minus 2.9% YoY in February (minus 2.7% YoY in January 2023). In the fourth quarter, GDP dynamics stood at minus 2.2% per annum,” the document says.
At the same time, the ministry states that as of February 2023, seasonally adjusted GDP increased by 1% in March after falling 0.3% a month earlier.
The Ministry of Economic Development stated that the growth in industrial production (1.2% on an annual basis) in March supported the economy.
The Ministry of Economic Development predicts RF GDP to grow by 1.2% by the end of the year. As expected, the biggest contribution to economic growth will come from the revival in consumer demand. The Russian Central Bank expects the country’s economy to grow in the range of 0.5-2% in 2023.
Putin compared the decline in GDP of Russia and Ukraine
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