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Ministry of Economy: Russia’s GDP in June decreased by 4.9% in annual terms

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The decline in GDP in June 2022 was 4.9% year-on-year after a 4.3% decline in May. This is reported in the review “On the current state of the Russian economy”, published by the Ministry of Economy. “According to the Ministry of Economic Development of Russia, in June, GDP decreased by 4.9% year-on-year, in general for the second quarter of 2022 – by 4.0% in annual terms,” the review says. The ministry notes that in June, economic activity was supported by an improvement in the performance of the extractive industry and continued positive dynamics in agriculture. “Mineral production in June went into a positive area, mainly due to the recovery in oil production (+2.7% after -2.4% in May),” the document says. Oil refining also improved (to -0.5% in June after -5.5% in May). In agriculture, output continued to grow in June (+2.1%, the same was in May). In the manufacturing industries, according to the Ministry of Economic Development, the situation is uneven, – pharmaceuticals … .

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