Econ ministry improves Russian GDP contraction estimates to 2.8% in Feb, 2.9% in Jan

MOSCOW. April 17 (Interfax) - Russia's Economic Development Ministry has improved its estimates for Russian GDP in the first two months of 2023 following the release of new data from the Federal Statistics Service (Rosstat) on the quarterly dynamic in 2022.

The ministry now estimates that GDP shrank by 2.8% year-on-year in February after contracting by 2.9% in January, according to scenario conditions for the 2023-2026 macroeconomic forecast posted on its website. The ministry previous estimated that GDP fell by 3.1% year-on-year in February and 3.2% in January.

The ministry's press service said the "revision of the monthly GDP dynamic is due to Rosstat's publication of quarterly GDP data for 2020-2022."

Earlier on Friday, the ministry announced that it now expects GDP to grow by 1.2% in 2023 instead of contract by 0.8% as projected in its September forecast.