off-the-wire

Russian economy shrinks 2.7% in fourth quarter - statistics agency

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, April 7 (Reuters) - Russia's economy shrank 2.7% year-on-year in the fourth quarter of 2022, data from the Rosstat federal statistics service showed on Friday. For the full year, the economy contracted 2.1%, Rosstat confirmed, after the West imposed sanctions over Russia's actions in Ukraine and President Vladimir Putin's late September mobilisation drained the workforce.


The economy grew 3% in the first quarter of 2022 and fell 4.5% and 3.5% in the subsequent quarters, according to the statistics service's revised data. (Reporting by Darya Korsunskaya; Editing by Kirsten Donovan)

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