Peskov: Russia’s GDP in 2022 will decrease by slightly more than 2%

Press Secretary of the President of Russia Dmitry Peskov said that by the end of this year, the country’s GDP will decline by a little more than 2%. Earlier, the Ministry of Economic Development estimated the decline in Russia’s GDP from January to July 2022 at 1.1%.

“We are falling even less than we ourselves predicted. Our GDP will shrink by a little more than 2% at the end of the year – they predicted a slightly larger drop, so now there is reason for moderate optimism, ”said the Kremlin spokesman.

Earlier, the Ministry of Economic Development reported that the decline in Russia’s GDP in January-July 2022 amounted to 1.1%. According to the department’s reports, the decline in GDP in June 2022 amounted to 4.9% year-on-year after declining 4.3% in May. In May, the decline in Russia’s GDP accelerated to 4.3% in annual terms (compared to 2.8% in April). From January to March, the ministry recorded GDP growth.

In August this year, the ministry presented updated macro forecast for key indicators for the next three years. It follows from it that the country’s GDP in 2022 will decrease by less than 4.5% against the initial almost 8%. At the same time, in 2023 the recession will be deeper – minus 2.7% against 0.7%.

More about the Russian economy – in the material “Kommersant” “Unhappy Hills”.

Milena Kostereva