2023-05-03 17:46:32
The Ministry of Economy of the Russian Federation revealed that The Russian economy shrank 2.2% in the first quarter of 2023 year on year. following an increase of 3% in the same period of 2022.
In addition, the Russian economy contracted 1.1 percent in March year on year. following contracting 2.9% in February.
The ministry expects the Russian economy to expand this year. After contracting 2.1% in 2022, it was hit by US and its allies imposed sanctions on Russia’s military invasion of Ukraine.
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