Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Russian economy shrinks 4% in third quarter - statistics agency

Published 11/16/2022, 11:02 AM
Updated 11/16/2022, 11:06 AM
© Reuters. FILE PHOTO: Steam rises from chimneys of a heating power plan over the skyline of central Moscow, Russia November 23, 2020. REUTERS/Maxim Shemetov/File Photo

© Reuters. FILE PHOTO: Steam rises from chimneys of a heating power plan over the skyline of central Moscow, Russia November 23, 2020. REUTERS/Maxim Shemetov/File Photo

MOSCOW (Reuters) - Russia's economy shrank 4% year-on-year in the third quarter of 2022, data from the Rosstat federal statistics service showed on Wednesday, as the consequences of the country's military actions in Ukraine continued to weigh on the economy.

That was a slight improvement from the second quarter, when gross domestic product (GDP) fell by 4.1% year-on-year as Western sanctions began to take a toll on Russia's finances and wider economy.

© Reuters. FILE PHOTO: Steam rises from chimneys of a heating power plan over the skyline of central Moscow, Russia November 23, 2020. REUTERS/Maxim Shemetov/File Photo

Russia deployed tens of thousands of troops to Ukraine on Feb. 24 in what Moscow calls a "special military operation." Before the full effects of sanctions had been felt, the Russian economy grew 3.5% in annual terms in the first quarter.

Russia's economy ministry sees GDP falling by 2.9% this year, while the central bank expects a 3-3.5% drop before a return to growth in the second half of 2023.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.