Russia’s GDP drop slowing down to 3.2% YOY in January 2023

The decline of the national gross domestic product (GDP) geared down to 3.2% year-on-year in January 2023 after having 4.2% last December, the Russian Ministry of Economic Development said in its current price review.

Seasonally-adjusted GDP gained 0.2% monthly, the Ministry said. "In January 2023, the economy continues recovering. According to the estimate of the Ministry of Economic Development, GDP moved up by 0.2% in monthly terms with the seasonal adjustment. In annual terms, GDP decline decelerated to 3.2% after the drop by 4.2% in December 2022 (edging down by 2.1% as of 2022 year-end)," the Ministry noted.

According to the official outlook of the Ministry, Russia’s GDP is expected to decline by 0.8% in 2023.