Russian economy shrinks 2.1% in 2022

By Gokhan Ergocun

ISTANBUL (AA) - The Russian economy contracted 2.1% in 2022, official figures showed on Monday.

According to estimation by Russia's statistics agency Rosstat, the country's gross domestic product was at 151.45 trillion ruble (some $2 trillion) in 2022.

A 2.1% decline was better than previous projections of 2.9% and 2.5% contraction from the Russian Economic Development Ministry.

Due to Russia's war in Ukraine, which will mark its first anniversary on Feb. 24, Moscow has been facing several economic problems related to sanctions imposed by the West.