What did the Russian economy look like in 2022?

The review of the Ministry of Economic Development of Russia showed that the Russian economy recorded growth in the first five months of this year by 0.5% year on year.

Russia’s GDP recorded growth between January and May 2022, despite declines of 2.8% and 4.3% in April and May 2022, respectively, according to the ministry.

The Russian Ministry reported in a review “on the current situation in the Russian economy” that “Russian GDP in May 2022 decreased by 4.3%, and in April 2022 there is still an increase of 0.5%.”

The Ministry cited transport and logistics restrictions and a decline in domestic demand in Russia as the main reasons for the decline.

Source: RIA Novosti

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