The Russian economy is forecast to contract by 8.8 percent in 2022 under the backdrop of Ukraine conflict and Western sanction-motivated adversities, said Head of the Audit Chamber of the Russian Federation Alexei Kudrin on Wednesday.
Kudrin cautioned that Russia may face much difficult economic scenarios in the coming years with inflation expected to hit 20.7 percent, and Russia will pump 6.3 trillion rubles to revitalize the national economy.
Industrial production in Russia expanded three percent in March and 5.9 percent in the first quarter of 2022 in year-on-year terms, according to data released by the Federal State Statistics Service on Wednesday.
Data showed that Russia's weekly inflation rate increased to 0.56 percent from 0.2 percent a week earlier, and real disposable income decreased 1.2 percent year on year in the first quarter.
Russia's Economic Development Ministry said Wednesday the annual inflation in Russia accelerated to 17.7 percent as of April 27.
Russia's oil production this year could decline by as much as 17 percent because of Western sanctions, Russian Finance Minister Anton Siluanov said on the same day.
Siluanov stressed that if Western countries continue to ban the import of Russian energy, Russia will ponder other options of energy sales, but the oil production is projected to fall by 17 percent after considering factors such as exchange rates and global energy prices.
