A contraction of 2.1 percent is better than expected. Earlier, the Ministry of Economic Development assumed a contraction of 2.9 percent, while the Russian Central Bank expected a decline of about 3 percent.
Experts also question the official statistics because of the lack of transparency. Nevertheless, the Russian economy appears to have weathered the war in Ukraine and Western sanctions better than expected.
Inflation in Russia stabilized at 12 percent, according to Rosstat. In April it peaked at almost 18 percent.
For 2023, the central bank expects growth between -1 and +1 percent and inflation between 5 and 7 percent.
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