Page 37 - RusRPTFeb23

3.0 Macro Economy
3.1 Macroeconomic overview
Russian GDP began to contract last spring. In recent months, it has shrunk at a rate of 4–5% y/y according to preliminary estimates from the economic development ministry. The December composite forecast of Consensus Economics, which averages the forecasts of major institutional forecasters, shows 2022 GDP dropping by 3.5%. Growth trends varied considerably, however, depending on the branch.
The largest contractions were seen in the output of industrial branches that rely on imports and foreign companies (e.g. production of passenger cars was down by 79% y/y in November, excavators down by 80% and washing machines down by 60%).
37 RUSSIA Country Report February 2023 www.intellinews.com