Rosstat confirmed the decline of the Russian economy by 2.1% in 2022

Rosstat published the second estimate of Russia’s GDP for the last year, confirming the decline in the economy by 2.1%, reported on the website of the department.

“GDP for 2022, in accordance with the second assessment, amounted to 153 trillion 435.2 billion rubles in absolute terms, the GDP physical volume index relative to 2021 was 97.9%, the deflator index relative to prices in 2021 was 115 .8%,” the report says.

Initially, Rosstat estimated the volume of GDP at the end of 2022 in absolute terms at 151.5 trillion rubles. at current prices.

Rosstat also for the first time published data on GDP for the fourth quarter of last year: the decline was 2.7%. At the same time, the estimate of the decline in the first three quarters was revised. In the 1st quarter, GDP grew by 3% year-on-year (previously estimated at 3.5%), in the 2nd quarter, GDP decreased by 4.5% (it was 4.1%), and in the 3rd quarter – by 3.5% ( was – 3.7%).

According to the statistical service, the volume index of value added in wholesale and retail trade decreased by 12.7%, water supply, sewerage and waste disposal – by 6.8%, manufacturing – by 2.4%, and in transportation and storage – by 1.8%.

At the same time, the growth of the index of physical volume of value added was recorded in agriculture (+6.7%), construction (+5%), hotel and restaurant business (+4.3%), public administration (+4.1%), information and communications (+0.5%) and mining (+0.4%).

The share of net exports in the structure of the main components of the country’s GDP in 2022 increased from 9.3% to 12.5% ​​due to an increase in the prices of exported fuel and energy products compared to import prices.

During his address to the Federal Assembly on February 21, Russian President Vladimir Putin said that Russia was predicted to collapse the economy, but the decline in GDP in 2022 was 2.1%. In mid-March, the head of state noted that expects “significant increase” of the Russian economy in the II quarter.

According to the Ministry of Economic Development of the Russian Federation, by the end of 2023, GDP will decrease by 0.8%, while in 2024 the Russian economy is expected to grow by 2.6%. In February, the Central Bank improved its GDP forecast for 2023 from a 1% decline to a 1% growth instead of a 1-4% decline according to the October forecast.

At the end of January 2023, forecasts for the RF GDP also improved International Monetary Fund (IMF). The organization expects the Russian economy to grow by 0.3% in 2023 instead of the 2.3% decline projected in October 2022. According to the IMF, in 2022 Russia’s GDP contracted by 2.2%. It is expected that in 2024 the country’s economy will grow by 2.1%. April 6 World Bank predicted reduction of Russia’s GDP in 2023 by 0.2% instead of the previously announced 3.3%.