The Russian economy went through a quarter of decline. What are the predictions for the whole year 2026
Russia's GDP contracted in the first quarter of 2026 by 0.3%, the first quarterly decline since the beginning of 2023, according to preliminary data published on Wednesday by the Ministry of Economy, Reuters reports, taken over by Agerpres.
The Russian economy grew by 1.8% in March, after falling by 1.1% in February and by 1.8% in January.
Although there are significant fears in Moscow of an economic slowdown ahead of the Iran war, the biggest energy supply crisis in history is likely to support growth in Russia's oil-exporting economy.
Russia's economy contracted by 1.4% in 2022, but grew by 4.1% in 2023 and 4.9% in 2024. Last year, Russia's GDP registered an advance of just 1%, and Moscow's official forecasts for this year point to an expansion of 1.3%.
The IMF upgraded its forecast for Russia's GDP growth this year to 1.1 percent, from a previously forecast 0.8 percent, due to higher oil and other commodity prices as a result of the Middle East crisis.
