Rosstat adjusted the estimate of GDP contraction in the third quarter to 3.7% in annual terms

According to Rosstat, Russia’s GDP in the third quarter of 2022 decreased by 3.7% in annual terms. Relative to the second quarter, the indicator increased by 7.3%. According to the results of nine months of the year, the volume of Russian GDP reached 106.121 trillion rubles. This follows from the data Rosstat. According to preliminary evaluationGDP contracted 4% in the third quarter.

Rosstat explained that the growth of the GDP deflator index occurred as a result of an increase in the deflator indices of gross value added among wholesale and retail trade (+29.7%), transportation and storage (+20.4), construction (+16.3% ), hotels and restaurants (+15.3%), real estate (+15.1%), information and communications (+12.4%).

“The high values ​​of the deflator indices are due to the growth in world energy prices, the growth of tariffs for freight and passenger transportation, as well as changes in the logistics supply chains of goods,” Rosstat said in a press release.

They added that the decline in GDP in the third quarter was affected by a decrease in value added in wholesale and retail trade (-19.3%); water supply, sanitation, organization of collection and disposal of waste, activities to eliminate pollution (-10.1%); transportation and storage (-4.1%); manufacturing, information and communications (-2.4%).

By estimated Ministry of Economy, the decline in Russia’s GDP amounted to 2.9% in 2022. Russian Prime Minister Mikhail Mishustin spokethat the decline in GDP by the end of 2022 may be less than 3%. By opinion analysts, the decline in Russia’s GDP could be up to 6.5%.

Olesya Pavlenko