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Russia’s economy has accelerated the collapse by one and a half times

The main factors behind Russia’s GDP decline are transportation and logistics restrictions and reducing domestic demand.

At the end of May, Russia’s economy contracted 4.3% year-on-year after falling 2.8% in April. On Thursday, June 30, Interfax reported in connection with the data of the Ministry of Economic Development of the Russian Federation.

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At the same time, in January the growth of the Russian economy reached 5.7%, in February – 4.1%, in March – 1.3%. According to the January-May 2022 results, the agency estimates GDP growth at the level of 0.5% year-on-year.

“The main factors behind the GDP decline are transportation and logistics restrictions and reduced domestic demand,” the ministry said in a report.

In major sectors of the economy, the decline in wholesale trade accelerated (minus 15.5% y/y in May after minus 11.9% y/y a month earlier).

“In construction and agriculture, growth has slowed, but a positive trend has been maintained,” the ministry said.

In April, real wages fell by 7.2% y/y (after rising 3.6% y/y in March).

At the same time, the official forecast of the Ministry of Economic Development of the Russian Federation (from mid -May) for the decline in Russia’s GDP in 2022 is 7.8%. But the ministry said the estimate could be changed downwards.

It was previously reported that by the end of 2022, Russia’s economy will decline by 15% and by another 3% in 2023. This will nullify the country’s 15-year economic growth.

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Source: korrespondent

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