2022 ended for the Russian economy better than government expectations

Russia’s GDP in 2022 in absolute terms amounted to 151.5 trillion rubles. in current prices follows from Rosstat data. The economic recession amounted to 2.1%, which is less than the forecast for the socio-economic development of Russia (minus 2.9%) suggested. Back in mid-January, Russian President Vladimir Putin noted that, according to preliminary data, GDP in 2022 decreased by 2.5%. The Bank of Russia also estimated the decline in GDP at 2.5%. The decline in GDP due to sanctions was not as deep as in the pandemic year of 2020 (then the figure fell by 2.7%).

In the sectoral context, the growth of the index of physical volume of value added was shown by agriculture, forestry, hunting, fishing (by 6.6%), construction (by 5%), hotels and restaurants (by 4.3%), public administration (by 4.3%). 1%), information and communication (by 0.6%), mining (by 0.4%), according to the materials. The decrease in the indicator was affected by a decrease in wholesale and retail trade (by 12.7%), water supply, sewerage and waste disposal (by 6.8%), manufacturing industries (by 2.4%), transportation and storage (by 1, 8%), follows from the data of the department.