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Russian economy declines 4% y/y in Q2 after 3.5% y/y increase in Q1 -econ ministry

Russian economy declines 4% y/y in Q2 after 3.5% y/y increase in Q1 -econ ministry

Reuters · 07/27/2022 14:15
Russian economy declines 4% y/y in Q2 after 3.5% y/y increase in Q1 -econ ministry

- The Russian economy declined by 4.0% year-on-year in the second quarter of 2022 after a 3.5% rise in the previous three months, the economy ministry said on Wednesday.

The first quarter was 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 troops into Ukraine on Feb. 24.

The ministry also said the economic decline deepened to 4.9% year-on-year in June after a fall of 4.3% in May.


(Reporting by Reuters
Editing by Chris Reese)