According to figures released on Wednesday by the federal statistics agency Rosstat. The 3rd quarter of 2022 saw a 4% year-over-year decline in Russia’s GDP as the effects of the nation’s military interventions in Ukraine persisted.
That was a tiny improvement over the 2nd quarter, when Western sanctions on Russia’s banks and broader economy caused GDP to decline by 4.1% year over year.
On February 24, Russia sent tens of thousands of soldiers to Ukraine as part of what Moscow describes as a “special military operation.”
The first quarter of 2018 saw the Russian economy expand 3.5% annually, before the full impact of sanctions see.
Russia’s economy ministry projects a 2.9% decline in GDP this year. While the central bank anticipates a dip of 3-3.5% before recovery resumes in the second half of 2023.