Russian economy contracts 4.1% year-on-year in Q2

In 1st half of 2022, county's gross domestic product shrinks 0.4%, official data shows

By Tuba Sahin

ANKARA (AA) - Russian economy shrank 4.1% on an annual basis in the second quarter of this year, more than the market forecast, according to official data on Friday.

The contraction amid Western sanctions due to the war followed a 3.5% annual growth in the first quarter, the final reading from the Federal State Statistics Service (Rosstat) revealed.

The first reading showed a 4% contraction for the April-June period.

The manufacturing sector narrowed 4% on an annual basis in the three-month period. While the mining sector contracted 0.8%, the construction sector grew 3.4% in the same period.

In the first half of 2022, the county's gross domestic product (GDP) shrank 0.4%, Rosstat said.

The Kremlin expects Russia's GDP to decrease less than predicted, a little more than 2%, by the end of this year, its spokesman said on Tuesday.

Kaynak: