Economic ministry: Russia's GDP decreases 4.4% in October

MOSCOW, Dec 1 (PRIME) -- Russia's gross domestic product (GDP) decrease slowed down to 4.4% on the year in October from 4.5% in September, the Economic Development Ministry said in a report late on Wednesday.

In January–October, the decline stood at 2.1% on the year.

The ministry revised the estimate for GDP decrease in September to 4.5% from 5%, in August to 3.5% from 4%, in July to 3.9% from 4.3%, in June to 5.1% from 5%, in May to 3.9% from 4.5%, in April to 3.3% from 2.7%.

In March, the Russian economy grew by 1.5% compared to 1.4% according to an earlier estimate, in February by 4% compared to 4.2%, in January by 5.9% compared to 5.7%.

The ministry expects Russia's GDP to fall by 2.9% in 2022. Deputy Minister Polina Kryuchkova said, as cited in the statement, that the construction sector and agriculture support the economy.

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