Russian GDP dropped by 2.1% in 2022, Russian state statistical agency Rosstat said on Friday, Apr 7. Russian GDP fell by 2.1% in annual terms in the fourth quarter of 2022.
GDP amounted to 153.435 trillion rubles ($1.88 trillion) in current prices. The GDP deflator index edged up by 15.8% against the previous year.
The main driver of GDP contraction in 2022 was the decline of the added value physical volume index by 12.7% in wholesale and retail trade, by 6.8% in water supply, drainage, waste gathering and disposal and pollution response, by 2.5% in processing sectors, and by 1.8% in transportation and storage.
At the same time, certain sectors showed the increase of the index, with the highest growth demonstrated by agriculture (+6.7% annually), construction (+5%), and hotel and restaurant business (+4.3%), according to statistics.
According to the updated data, GDP plunged by 3.5% year on year in the third quarter of the last year.
GDP lost 2.1% over the year of 2022, the statistical service informed.
TASS contributed reporting