Russian economy declines 4% y/y in Q2 after 3.5% y/y increase in Q1 -econ ministry

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FILE PHOTO: A pedestrian walks past the windows of business premises put out for rent in Moscow

MOSCOW – The Russian economy declined by 4.0% year-on-year in the second quarter of 2022 after a 3.5% rise in the previous three months, the economy ministry said on Wednesday.

The first quarter was 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 troops into Ukraine on Feb. 24.

The ministry also said the economic decline deepened to 4.9% year-on-year in June after a fall of 4.3% in May.

(Reporting by Reuters; Editing by Chris Reese)