Ministry: Russia’s GDP fall speeds up to 5% in September

MOSCOW, Nov 3 (PRIME) -- Contraction of Russia’s gross domestic product (GDP) sped up to 5% on the year in September from 4% in August, the Economic Development Ministry said in a statement late on Wednesday.

In July–September, Russia’s GDP fell by 4.4% on the year, and by 2% in January–September complying with the ministry’s forecast of a 2.9% GDP decrease in 2022.

The September fall happened because of the high base of September 2021, while in monthly terms, the GDP gained 2.1% in September after a 1.8% increase in August.

After the 2.9% fall in 2022, the ministry expects the GDP to contract by 0.8% in 2023 and to rise by 2.6% per year in 2024–2025.

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