Page 49 - RusRPTJul23

3.0 Macro Economy
3.1 Macroeconomic overview
Russia’s economy shrank a revised 1.8% y/y in the first quarter of 2023,
data from the Rosstat federal statistics service showed on June 15, following growth of 3% in the same period of last year.
Russia’s economy defied early expectations of a double-digit collapse in 2022, but still contracted 2.1% after the west imposed sanctions in response to Moscow dispatching troops to Ukraine in February.
Rosstat had previously forecast a 1.9% decline in the first quarter, Reuters reports.
Russia’s economy has approached the level of economic activity seen at
49 RUSSIA Country Report July 2023 www.intellinews.com