Russia

Russia GDP Q3 2022

Russia: GDP contracts again in the third quarter

According to a second estimate, GDP contracted 3.7% year on year in the third quarter, marking an upward revision from the preliminary data that pointed to a 4.0% downturn. This comes on the heels of Q2’s 4.1% fall and indicates that the economy has entered a recession, triggered by the economic fallout from Russia’s invasion of Ukraine.

Looking at the sector breakdown, a softer decrease in the manufacturing sector and stable activity in the mining and quarrying sector underpinned a milder overall contraction in GDP in Q3. That said, retail and trade activity contracted at a sharper pace in the quarter, suggesting that private spending increasingly felt the pinch of slowing demand.

On a seasonally-adjusted quarter-on-quarter basis, GDP rose 0.4% in Q3, rebounding from the previous quarter’s sharp 5.2% contraction.

Economic prospects remain bleak heading into the final quarter of 2022 and 2023. The growing cost of the war in Ukraine will likely keep the economy in recession through end-2023 amid enduring international sanctions, waves of mobilization and a capital exodus from the country. Moreover, lower global energy prices, a cap on Russian oil prices and much-reduced natural gas shipments to Europe bode ill for the external sector.

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest