Russian economic growth slows to 3.5% y/y in Q1 – Rosstat

FILE PHOTO: A general view of city skyline and skyscrapers under construction during sunset as the spread of the coronavirus disease (COVID-19) continues in Moscow

(Reuters) – The Russian economy expanded by 3.5% year-on-year in the first quarter of 2022 after growing 5% in the previous quarter, data from federal statistics service Rosstat showed on Wednesday.

The first quarter is expected to have been the last with sound growth before the Russian economy took a hit from sweeping sanctions for Moscow’s decision to send tens of thousands of troops into Ukraine on Feb. 24.

The economy ministry said this week it expected gross domestic product (GDP) to contract by 7.8% in 2022.

(Reporting by Reuters; editing by John Stonestreet)