Russian economy contracts 3% in April

MOSCOW

The Russian economy contracted 3% in April, compared to the same month last year, according to its Ministry of Economic Development on Wednesday.

The economy, however, expanded 1.7% in the first four months of 2022, compared to the same period last year, despite western sanctions, it said in a report.

The economy expanded 4.1% in February and 1.3% in March, the report noted.

The country's economy is estimated to contract between 10% to 12% in 2022 because of western sanctions.

* Writing by Ovunc Kutlu in Ankara