Page 70 - RusRPTJul22

3.0 Macro Economy
3.1 Macroeconomic overview
April was the first month of contraction in the Russian economy in 2022. Domestic demand contracted the most.
According to the Ministry of Economic Development, in April, GDP fell by 3% y/y "against the backdrop of unprecedented sanctions pressure." In March, there was still an increase of 1.3% (a month ago, the ministry calculated +1.6%), although the slowdown and decline in some industries began even then. Due to good January and February, GDP for the first four months showed an increase of 1.7%.
Logistics and everything related to final consumption fell the most in April: wholesale trade by 11.9%, freight transport by 5.9%, retail trade, catering and paid services turnover by 6.7%.
Industrial production fell by 1.6% (manufacturing industry - by 2.1%), and energy production slowed down sharply - from 7.8% in March to minus 1.6% in April. Relatively well felt metallurgy, pharmaceuticals, construction and agriculture.
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