- At the same time, the decline in GDP in March 2023 slowed down to 1.1% in annual terms after a decline of 2.9% in February
According to TASS, Russia's state-owned news agency article published on May 3, 2023, the decline of Russia's GDP in the Q1 of 2023, amounted to 2.2% in annual terms, according to preliminary estimates of the Russian Ministry of Economic Development.
At the same time, the decline in GDP in March 2023 slowed down to 1.1% in annual terms after a decline of 2.9% in February.
"According to early estimates from Russia's Ministry of Economic Development, GDP growth excluding seasonal variables was +1% in March 2023, up from -0.3% the previous month. In annual terms, GDP fell by 1.1% year-on-year after falling by -2.9% year-on-year in February (-2.7% year-on-year in January 2023). In general, GDP dynamics in the Q1 of 2023 were -2.2% year-on-year. On May 17, 2023, Rosstat will release its preliminary estimate for the Q1 of 2023," the report said.
In April, Minister of Economic Development Maxim Reshetnikov stated that the ministry expects Russia's GDP to rise at 1.2% in 2023 and 3% by 2026, owing primarily to a recovery in consumer demand.
