off-the-wire

Russia's economy contracted 2.1% in 2022 - statistics service

Kitco Media
By Reuters
Published:
Updated:
Reuters



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This content was produced in Russia where the law restricts coverage of Russian military operations in Ukraine


MOSCOW, Feb 20 (Reuters) - Russia's economy contracted 2.1% last year, the federal statistics service said on Monday, compared with a 5.6% year-on-year rise in 2021, hurt by the fallout from Moscow's decision to send tens of thousands of troops into Ukraine last February.


Rosstat's first gross domestic product (GDP) estimate for 2022 was a marked improvement on forecasts made soon after the conflict began. The economy ministry at one point predicted that the economy would shrink more than 12% last year, exceeding the falls in output seen after the Soviet Union collapsed and during the 1998 financial crisis. (Reporting by Darya Korsunskaya, Writing by Alexander Marrow Editing by Gareth Jones)

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