Russia’s economy grew 4.9 percent year-on-year in the second quarter of 2023, the country’s statistics agency Rosstat said on Friday, the first increase in a year.
The country’s gross domestic product (GDP) contracted at the same rate over the previous four quarters, ending with a 1.9 percent contraction in the first quarter of 2023.
It got better on Friday…
Russia’s economy grew 4.9 percent year-on-year in the second quarter of 2023, the country’s statistics agency Rosstat said on Friday, the first increase in a year.
The country’s gross domestic product (GDP) contracted at the same rate over the previous four quarters, ending with a 1.9 percent contraction in the first quarter of 2023.
Friday’s improved figures for April-June came from a year-on-year comparison when GDP fell 4.5 percent.
Last year’s sharp drop came as the economy was hit by a raft of sanctions from Western countries in response to the offensive in Ukraine.
Despite the surge, the Russian economy was still smaller than it was before the conflict began in February 2022.
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Rosstat did not provide a sectoral breakdown in its latest release.
In the second quarter of 2023, inflation rose in Russia, partly due to the weakness of the rouble.
On Friday, the currency was trading at 108 rubles per euro and 99 rubles per dollar.
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Economic troubles prompted Russia’s central bank to raise interest rates to 8.5 percent to support the ruble and curb inflation.
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