May 29, 2023
Decline in Russia's GDP
┬ęShutterstock/Fotodom

Rosstat tentatively estimated the decline in Russia’s GDP in the first quarter of this year by 1.9% in annual terms. This was reported by the press service of the department.

“The index of the physical volume of gross domestic product in the first quarter of 2023 relative to the corresponding period of 2022, according to preliminary estimates, amounted to 98.1%,” the report says. It published on the Rosstat website on Wednesday, May 17.

A preliminary estimate of GDP for the 1st quarter of 2023 was made on the basis of the production method (the sum of the gross value added of all industries or institutional sectors in basic prices and net taxes on products is calculated). The preliminary estimate of GDP is based on operational statistical reporting of large and medium-sized enterprises in the non-financial sector of the economy.

The Ministry of Economic Development expects in 2023 the growth of the Russian GDP by 1.2%. In department notedthat the Russian economy continues to recover.

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