Western countries imposed wide-ranging economic sanctions on Moscow following Russian President Vladimir Putin's decision to send tens of thousands of troops to Ukraine on February 24, 2022.
“Changes in the GDP estimate for 2022 are due to the receipt of annual results of federal statistical observations and annual budget reports from the Federal Treasury,” Rosstat stated.
Rostat added that it also revised GDP growth in 2021 to 5.9 percent, up from the previous estimate of 5.6 percent.
The Russian economy recovered strongly this year, driven by increased government spending, especially on military production.
A Reuters poll of analysts showed an increase in GDP of 3.1 percent in 2023, but Putin said on December 14 that this year’s growth would reach 3.5 percent.
Analysts who participated in the Reuters poll expected growth to slow to 1.1 percent next year as the economy was affected by rising interest rates.
It was confirmed earlier this month that Russia's GDP growth in the third quarter of the year was 5.5 percent compared to the same period last year, when it shrank by 3.5 percent.
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