Russia’s gross domestic product (GDP) grew by 1.3% in April–June, reported the statistics agency Rosstat. In January–March, a 0.2% decline was recorded.
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This growth exceeded the 0.9% growth forecast by the Russian Ministry of Economy. For comparison, the country’s economy grew by 1.1% in the second quarter last year.
“The growth in the second quarter was driven by stable domestic demand,” the ministry said in a statement.
“The recovery in growth rate, which was already recorded in March, continues despite ongoing external pressure and restrictions in certain sectors,” said Russian Minister of Economy Maksim Reshetnikov.
Since spring, Ukraine has been conducting large-scale drone attacks on Russian oil refineries, causing a fuel crisis lasting several weeks in the country. In summer, Kyiv also began attacking warehouses of Russia’s largest online retailer Wildberries, causing losses not only to the company itself but also to hundreds of sellers using this platform. Russia’s online retailer Wildberries warehouses, causing losses not only to the company itself but also to hundreds of sellers using this platform.
In the fifth year of the war, Russia’s non-military economic sectors are under increasing pressure and face high borrowing costs, labor shortages, and inflation.
The Russian central bank recently lowered its annual GDP growth forecast to 0–1%, compared to the previous forecast of 0.4–1.3%.
