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Russian economic growth slows to 3.5% y/y in Q1 - Rosstat

Russia's economy will shrink by no more than 5% in 2022 -Kremlin aide
Russia's economy will shrink by no more than 5% in 2022 -Kremlin aide -  Copyright  Thomson Reuters 2022
Copyright Thomson Reuters 2022
By Reuters
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- The Russian economy expanded by 3.5% year-on-year in the first quarter of 2022 after growing 5% in the previous quarter, data from federal statistics service Rosstat showed on Wednesday.

The first quarter is expected to have been the last with sound growth before the Russian economy took a hit from sweeping sanctions for Moscow's decision to send tens of thousands of troops into Ukraine on Feb. 24.

The economy ministry said this week it expected gross domestic product (GDP) to contract by 7.8% in 2022.

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