Russia's Economy Shrinks 1.9% in Q1 Due to Energy Revenue Problems.
TL;DR Summary
Russia's GDP contracted by 1.9% in Q1 2023 due to sanctions imposed over its offensive in Ukraine, including a ban by the EU on Russian petroleum products, and a price cap agreed with the G7 and Australia. Oil revenues were down 43% compared to a year ago, impacting the budget deficit, which hit 3.4 trillion rubles ($42.3 billion) between January and April. The public sector deficit could reach between 3-4% of its GDP, higher than the 2% target. Russia's low unemployment rate of 3.5% is a symptom of its shrinking labor force.
- Russia Says Economy Contracts 1.9% in First Quarter The Moscow Times
- Russia admits 'problems' as energy revenues fall Financial Times
- Russian economy shrank 1.9% in first quarter, statistics service says Reuters.com
- Russia admits 'problems' with energy revenues due to 'discounts' Business Insider
- Russian oil price in roubles falls below state budgeted level in May Business Recorder
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