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8/16, 11:29 PM (Source: TeleTrader)
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Russian economy to contract less than projected - report

Russian Ministry of Economic Development revised its estimates of the state of the domestic economy, Ria Novosti reported on Tuesday. Compared to earlier forecasts of the gross domestic product (GDP) dropping 7%, it is now projected to fall 4.2% in 2022, according to a person familiar with the matter. In 2023, the Russian economy is expected to contract 2.7%, the report stated.

"The trajectory [of the recession] is much smoother, which allows the economy to adapt to the ongoing changes. But at the same time, some decline is also expected next year, and this is due to both objective factors and the statistical effect, because the first quarter of this year we had a very high one - in all respects," the source said.

Baha Breaking News (BBN) / DJ