Business Standard

Russia forecasts 7.8% GDP contraction in 2022; unemployment rate at 6.7%

The Russian Ministry of Economic Development said that it expected the country's gross domestic product (GDP) to decease by 7.8 per cent year on year in 2022.

Russia, Economy

Photo: Bloomberg

IANS Moscow
The Russian Ministry of Economic Development said that it expected the country's gross domestic product (GDP) to decease by 7.8 per cent year on year in 2022.
Investment in fixed assets could nosedive by 19.4 per cent and the retail trade turnover may plummet by 8.7 per cent this year, a representative of the Ministry told reporters.
The Ministry expected the unemployment rate to rise to 6.7 per cent from 4.8 per cent last year and the real disposable income of Russians to drop by 6.8 per cent this year, reports Xinhua news agency.
Inflation could surge to 17.5 per cent in 2022 from 8.4 per cent in 2021, it predicted.
--IANS
ksk/
 

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: May 18 2022 | 10:04 AM IST

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