Economy Minister: Russian economy is better than we expected

“The situation in the Russian economy is better than we expected last spring, but consumer activity is still low,” said Russian Economic Development Minister Maxim Reshetnikov.

The minister pointed out that the volume of merchandise imports to Russia through third countries (parallel imports) amounted to almost $4 billion.

The review of the Ministry of Economic Development “on the current situation in the Russian economy” showed that the Russian economy fell in June 2022 by 4.9% year on year and decreased by 4% in 6 months of 2022.

Comparing the performance of the Russian economy with 2020 during the pandemic, we find that the Russian economy in June 2022 contracted at a slower pace than the pandemic.

Source: RT+Prime

Related Stories