Operational downturn // Economy accelerates contraction amid mounting uncertainty

The contraction of the Russian economy is accelerating. According to the Ministry of Economy, in June, GDP contracted by 4.9% in annual terms after a decline of 4.3% in May and 2.8% in April 2022, and in the first half of the year the economy shrank by 0.5%. The output of goods and services by basic types of economic activity decreased by 4.5% in June (after 3.2% in May and 2.4% in April 2022), the financial sector made an additional negative contribution to the economic dynamics. The issue is supported only by mining and agriculture, and the military operation of the Russian Federation in Ukraine of unknown duration is the main factor of uncertainty for companies. .

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