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Russia’s Economy Slowed Down More Than Expected in First Quarter

  • GDP growth slipped to 3.5%, missing median forecast of 3.7%
  • Economy heads into deep recession amid sanctions over Ukraine
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Putin: Western Sanctions Will Provoke Global Crisis

Russia’s economic growth slowed in the first quarter, as the initial impact of sanctions imposed following President Vladimir Putin’s invasion of Ukraine began to show up.

Gross domestic product rose 3.5% from a year ago, down from a gain of 4% in the previous three months, the Federal Statistics Service said Wednesday, citing preliminary numbers. That was less than the median forecast of economists polled by Bloomberg for an increase of 3.7%, which matched an estimate from the Economy Ministry.