The Russian economy has been hit by sweeping Western sanctions that followed Moscow’s move to send tens of thousands of troops into Ukraine on February 24. But the financial consequences did not turn out to be as painful as initially feared. Belousov said Russia’s gross domestic product (GDP) would fall by “a little more than 2%” this year, followed by a decline of “no more than 1%” in 2023. The economy ministry’s most recent set of forecasts in mid-August suggested GDP would contract by 4.2% this year, having earlier warned of a drop of more than 12% – which would be the biggest drop in economic output since the mid-decade crisis of 1990. after the collapse of the Soviet Union. Despite unprecedented sanctions and many foreign companies leaving Russia, the government saw no signs that the labor market situation was worsening, Belousov said, although there were risks. The unemployment rate stood at 3.9 percent in June, the lowest since the statistics office began publishing the number in 1992, according to the Eikon database. After jumping to a 20-year high of 17.8% in April after the ruble collapsed to a record low, full-year inflation will be 12-13%, Belousov said. Non-commodity exports this year will fall by 17 percent as Russia has lost access to European markets, Belousov said at a televised government meeting. However, imports of consumer goods have almost recovered thanks to new trade routes and parallel imports. “Imports are a key issue, since the restriction of imports is one of the tools, the levers of the whole logic of sanctions in our country,” he said. Russia has included a wide range of products from foreign automakers, technology companies and consumer brands in its parallel import program, aimed at protecting consumers after regular imports fall. The story continues Investment imports have suffered the most, Belousov said, predicting a drop of up to a fifth this year. “The situation remains quite difficult due to both restrictions on investment equipment imports and other sanctions,” Belousov said, predicting that the decline in capital investment will reach its maximum level in the fourth quarter of this year and early next year. (Reporting by Andrey Ostroukh; Editing by Kirsten Donovan)
title: “Russia Says The Economy Will Shrink By Less Than 3 In 2022 Klmat” ShowToc: true date: “2022-11-30” author: “Joseph Graciano”
The Russian economy has been hit by sweeping Western sanctions that followed Moscow’s move to send tens of thousands of troops into Ukraine on February 24. But the financial consequences did not turn out to be as painful as initially feared. Belousov said Russia’s gross domestic product (GDP) would fall by “a little more than 2%” this year, followed by a decline of “no more than 1%” in 2023. The economy ministry’s most recent set of forecasts in mid-August suggested GDP would contract by 4.2% this year, having earlier warned of a drop of more than 12% – which would be the biggest drop in economic output since the mid-decade crisis of 1990. after the collapse of the Soviet Union. Despite unprecedented sanctions and many foreign companies leaving Russia, the government saw no signs that the labor market situation was worsening, Belousov said, although there were risks. The unemployment rate stood at 3.9 percent in June, the lowest since the statistics office began publishing the number in 1992, according to the Eikon database. After jumping to a 20-year high of 17.8% in April after the ruble collapsed to a record low, full-year inflation will be 12-13%, Belousov said. Non-commodity exports this year will fall by 17 percent as Russia has lost access to European markets, Belousov said at a televised government meeting. However, imports of consumer goods have almost recovered thanks to new trade routes and parallel imports. “Imports are a key issue, since the restriction of imports is one of the tools, the levers of the whole logic of sanctions in our country,” he said. Russia has included a wide range of products from foreign automakers, technology companies and consumer brands in its parallel import program, aimed at protecting consumers after regular imports fall. The story continues Investment imports have suffered the most, Belousov said, predicting a drop of up to a fifth this year. “The situation remains quite difficult due to both restrictions on investment equipment imports and other sanctions,” Belousov said, predicting that the decline in capital investment will reach its maximum level in the fourth quarter of this year and early next year. (Reporting by Andrey Ostroukh; Editing by Kirsten Donovan)
title: “Russia Says The Economy Will Shrink By Less Than 3 In 2022 Klmat” ShowToc: true date: “2022-11-04” author: “Robin Benzing”
The Russian economy has been hit by sweeping Western sanctions that followed Moscow’s move to send tens of thousands of troops into Ukraine on February 24. But the financial consequences did not turn out to be as painful as initially feared. Belousov said Russia’s gross domestic product (GDP) would fall by “a little more than 2%” this year, followed by a decline of “no more than 1%” in 2023. The economy ministry’s most recent set of forecasts in mid-August suggested GDP would contract by 4.2% this year, having earlier warned of a drop of more than 12% – which would be the biggest drop in economic output since the mid-decade crisis of 1990. after the collapse of the Soviet Union. Despite unprecedented sanctions and many foreign companies leaving Russia, the government saw no signs that the labor market situation was worsening, Belousov said, although there were risks. The unemployment rate stood at 3.9 percent in June, the lowest since the statistics office began publishing the number in 1992, according to the Eikon database. After jumping to a 20-year high of 17.8% in April after the ruble collapsed to a record low, full-year inflation will be 12-13%, Belousov said. Non-commodity exports this year will fall by 17 percent as Russia has lost access to European markets, Belousov said at a televised government meeting. However, imports of consumer goods have almost recovered thanks to new trade routes and parallel imports. “Imports are a key issue, since the restriction of imports is one of the tools, the levers of the whole logic of sanctions in our country,” he said. Russia has included a wide range of products from foreign automakers, technology companies and consumer brands in its parallel import program, aimed at protecting consumers after regular imports fall. The story continues Investment imports have suffered the most, Belousov said, predicting a drop of up to a fifth this year. “The situation remains quite difficult due to both restrictions on investment equipment imports and other sanctions,” Belousov said, predicting that the decline in capital investment will reach its maximum level in the fourth quarter of this year and early next year. (Reporting by Andrey Ostroukh; Editing by Kirsten Donovan)
title: “Russia Says The Economy Will Shrink By Less Than 3 In 2022 Klmat” ShowToc: true date: “2022-12-02” author: “Woodrow Williams”
The Russian economy has been hit by sweeping Western sanctions that followed Moscow’s move to send tens of thousands of troops into Ukraine on February 24. But the financial consequences did not turn out to be as painful as initially feared. Belousov said Russia’s gross domestic product (GDP) would fall by “a little more than 2%” this year, followed by a decline of “no more than 1%” in 2023. The economy ministry’s most recent set of forecasts in mid-August suggested GDP would contract by 4.2% this year, having earlier warned of a drop of more than 12% – which would be the biggest drop in economic output since the mid-decade crisis of 1990. after the collapse of the Soviet Union. Despite unprecedented sanctions and many foreign companies leaving Russia, the government saw no signs that the labor market situation was worsening, Belousov said, although there were risks. The unemployment rate stood at 3.9 percent in June, the lowest since the statistics office began publishing the number in 1992, according to the Eikon database. After jumping to a 20-year high of 17.8% in April after the ruble collapsed to a record low, full-year inflation will be 12-13%, Belousov said. Non-commodity exports this year will fall by 17 percent as Russia has lost access to European markets, Belousov said at a televised government meeting. However, imports of consumer goods have almost recovered thanks to new trade routes and parallel imports. “Imports are a key issue, since the restriction of imports is one of the tools, the levers of the whole logic of sanctions in our country,” he said. Russia has included a wide range of products from foreign automakers, technology companies and consumer brands in its parallel import program, aimed at protecting consumers after regular imports fall. The story continues Investment imports have suffered the most, Belousov said, predicting a drop of up to a fifth this year. “The situation remains quite difficult due to both restrictions on investment equipment imports and other sanctions,” Belousov said, predicting that the decline in capital investment will reach its maximum level in the fourth quarter of this year and early next year. (Reporting by Andrey Ostroukh; Editing by Kirsten Donovan)
title: “Russia Says The Economy Will Shrink By Less Than 3 In 2022 Klmat” ShowToc: true date: “2022-11-28” author: “William Beavers”
The Russian economy has been hit by sweeping Western sanctions that followed Moscow’s move to send tens of thousands of troops into Ukraine on February 24. But the financial consequences did not turn out to be as painful as initially feared. Belousov said Russia’s gross domestic product (GDP) would fall by “a little more than 2%” this year, followed by a decline of “no more than 1%” in 2023. The economy ministry’s most recent set of forecasts in mid-August suggested GDP would contract by 4.2% this year, having earlier warned of a drop of more than 12% – which would be the biggest drop in economic output since the mid-decade crisis of 1990. after the collapse of the Soviet Union. Despite unprecedented sanctions and many foreign companies leaving Russia, the government saw no signs that the labor market situation was worsening, Belousov said, although there were risks. The unemployment rate stood at 3.9 percent in June, the lowest since the statistics office began publishing the number in 1992, according to the Eikon database. After jumping to a 20-year high of 17.8% in April after the ruble collapsed to a record low, full-year inflation will be 12-13%, Belousov said. Non-commodity exports this year will fall by 17 percent as Russia has lost access to European markets, Belousov said at a televised government meeting. However, imports of consumer goods have almost recovered thanks to new trade routes and parallel imports. “Imports are a key issue, since the restriction of imports is one of the tools, the levers of the whole logic of sanctions in our country,” he said. Russia has included a wide range of products from foreign automakers, technology companies and consumer brands in its parallel import program, aimed at protecting consumers after regular imports fall. The story continues Investment imports have suffered the most, Belousov said, predicting a drop of up to a fifth this year. “The situation remains quite difficult due to both restrictions on investment equipment imports and other sanctions,” Belousov said, predicting that the decline in capital investment will reach its maximum level in the fourth quarter of this year and early next year. (Reporting by Andrey Ostroukh; Editing by Kirsten Donovan)
