MOSCOW — Russia’s gross home product contracted 4% within the second quarter of this yr, the primary full quarter since Russia despatched troops into Ukraine, the state statistical service mentioned Friday.
Russia was hit with a wide selection of sanctions following its transfer into Ukraine on Feb. 24, together with sanctions that minimize off some Russian banks from the SWIFT worldwide switch system, and a major exodus of overseas firms.
The report by the Rosstat service didn’t analyze why GDP was decrease this yr than in the identical quarter of 2021. But it surely mentioned there was a 15.3% drop in wholesale commerce and a 9.8% contraction in retail commerce.
Russia had reported sizable GDP will increase within the first quarter of 2022 and for the final three quarters of 2021.