Russia’s state statistics agency, Ross-Stata, announced that the Russian economy contracted 2.1% last year, recording a better-than-expected success in absorbing Western sanctions.
This figure was better than the Ministry of Economic Development forecast of a contraction of 2.9% in September and a fall in GDP of about 3%, predicted by the central bank.
The volume of GDP in current prices amounted to 151.4556 trillion rubles, and the GDP contraction index increased by 14.3% compared to the previous year.
According to the latest Ross Stat estimate, the Russian economy will grow by 5.6% in 2021.
According to Ross-Stat, the decline in GDP was affected by a decrease in the value added index in wholesale and retail trade (-12.7% in annual terms), as well as in water supply and sanitation, waste collection and disposal. , and elimination of pollution, (-6.8%), in the manufacturing industry (-2.4%), and in the transport and storage industry (-1.8%).
At the same time, in some industries, an increase in the index of physical volume of value added was observed, with the largest increase in value added recorded in agriculture, forestry, hunting, fishing and fish farming (+6.6% in annual terms), in construction (+5%), and also in the hotel and restaurant sector (+4.3%), public administration (+4.1%), information and communications (+0.6%), and mining (+0.4%) ). %).
The share of wages in the structure of GDP decreased from 40.1% to 39.6%, the share of net taxes on production and imports in GDP decreased from 10% to 8.2% due to taxes on products and imports, while the share of gross profit increased from 49.9% to 52.2%.
GDP was calculated based on annual internal operational data on the activities of large and medium-sized enterprises, the report on the execution of the consolidated budget of Russia and the budgets of state off-budget funds as of January 1, 2023, and an assessment of Russia’s balance of payments indicators for 2022 and foreign trade indicators for January- December 2022 according to the Federal Customs Service.
Final consumption expenditure decreased by 0.6% in household expenditure (-1.8%) due to lower demand for non-food items, while general government final consumption expenditure increased by 2.8% driven by collective services.
Gross capital formation decreased by 3.2% as a result of lower growth in physical current assets, while the growth of gross fixed capital formation and valuables reached 5.2%.
And Ross-Stata stated: “The structure of the main components of GDP shifted in 2022, compared to 2021, towards an increase in the share of net exports (from 9.3% to 12.8%) due to a significant increase in prices for exported fuel and energy carriers over import prices, while the share of net exports decreased. Final domestic demand: final consumer spending – from 67.3% to 65%, gross capital formation – from 23.4% to 22.2%.
Source: TASS