1 Jun 2023 10:57

Russia's GDP grows 3.3% in April amid low baseline factor, down 0.6% in Jan-April - Economic Development Ministry

MOSCOW. June 1 (Interfax) - Russia's GDP grew 3.3% year-on-year in April 2023 after contracting 0.7% year-on-year in March, falling 2.6% year-on-year in February, and dropping 2.7% year-on-year in January, according to the Economic Development Ministry's estimates published on Wednesday in its review on the current situation in the economy.

The Economic Development Ministry also notes that annual growth in GDP in April 2023 was partly because of the low baseline factor of the same month in 2022, and there was still a decline of 0.6% compared to April 2021.

The Economic Development Ministry has estimated that Russia's GDP contracted 0.6% year-on-year in January-April 2023.

The Economic Development Ministry also notes that when excluding the seasonal factor, Russia's GDP grew 0.2% in April after rising 1.1% in March.