3 May 2023 19:27

Contraction in Russia's GDP decelerates to 1.1% in March; economy declines 2.2% in Q1 2023 - Economic Development Ministry

MOSCOW. May 3 (Interfax) - The contraction in Russia's GDP decelerated to 1.1% year-on-year in March 2023 following a decline of 2.9% in February and 2.7% in January, the Economic Development Ministry said in the ministry's overview of the current situation in economy published on Wednesday.

The Economic Development Ministry has estimated a decline of 2.2% year-on-year in Russia's GDP in Q1 2023.

The Economic Development Ministry also notes that Russia's GDP rose 1% in March, excluding the seasonal factor, after dipping 0.3% in February.

The Russian Federal State Statistics Service (Rosstat) will publish its preliminary assessment of the dynamics of Russia's GDP for Q1 2023 on May 17.