Page 61 - RusRPTApr23

3.0 Macro Economy
3.1 Macroeconomic overview
Russia's gross domestic product (GDP) decrease slowed to 3.1% on the year in February from 3.2% in January, the Economic Development Ministry said on March 30.
The ministry said that the economy was supported by the growth of construction volumes, industrial output and cargo transportation, excluding via pipelines.
One of the most striking results has been a 53% growth in light vehicle production in February y/y, although most of this gain is a low base effect after car production came to a virtual halt after the invasion of Ukraine a year ago. Car sales remain down 44% y/y, but even this represents a strong recovery
61 RUSSIA Country Report Russia April 2023 www.intellinews.com