Russia's GDP = Gross Domestic Product growth rate from April to June this year was minus 4% compared to the same period last year.
It turned negative for the first time in five quarters due to the impact of sanctions by the United States, Europe, and others over the military invasion of Ukraine.
Russia's Statistical Office announced on the 12th that the GDP growth rate from April to June was -4% compared to the same period last year.
This was the first negative growth in five quarters since the first quarter of last year, which was affected by the new coronavirus, and was affected by sanctions by the West against the military invasion of Ukraine.
Of this, wholesale sales fell by 15.3%, retail sales fell by 9.8%, and manufacturing fell by 3.3%. effects have been noted.
Russia's central bank last month announced a 4% to 6% decline in GDP forecast for the full year this year.
On the other hand, the IEA = International Energy Agency said that Russia's crude oil export revenues in June this year increased from last year due to soaring crude oil prices, and that the proportion of exports to China and India has increased in place of Europe. It is believed that energy revenues continue to support the Russian economy.