Rosstat confirmed the economic downturn in 2022

Rosstat has published data confirming the decline of the Russian economy by 2.1% in 2022. In the fourth quarter of last year, the decline in GDP slowed to 2.7% in annual terms, after it fell by 3.5% in the third quarter. Earlier, Rosstat estimated a decline of 3.7% in the third quarter.

According to the statistical office, in the second quarter of 2022, the GDP of the Russian Federation fell by 4.5%, which worsened the previous estimate by 0.4%. In the first quarter, the economy grew by 3%, but this estimate was also adjusted from the previous estimate of 3.5% growth.

According to the published document, Russia's GDP in 2022 amounted to 153.435 trillion rubles. The index of the physical volume of GDP decreased to 97.9% compared to 2021. The deflator index in relation to the average annual prices of 2021 amounted to 115.8%.

Rosstat also reported that the decline in GDP in 2022 was affected by a reduction in the index of the physical volume of value added in industries such as wholesale and retail trade (by 12.7%), water supply, sanitation, waste collection and disposal, pollution control activities (by 6.8%), manufacturing (by 2.5%)., transportation and storage (1.8%).

However, there was an increase in the index of the physical volume of value added in industries such as agriculture (by 6.7%), construction (by 5%), hotels and restaurants (by 4.3%), public administration (by 4.1%), information and communications (by 0.5%), mining (by 0.4%).

"In intra-annual dynamics, the deepest drop in the index of physical volume of value added was observed in the second quarter mainly due to the following industries: wholesale and retail trade; manufacturing; transportation and storage; hotels and restaurants; mining," the agency's report says.