Russia s GDP contraction in 2022 was revised to 1.2% from a previous 2.1% decline, as per Rosstat. Western sanctions following the Ukraine incursion impacted the economy. The 2021 GDP growth was adjusted to 5.9% from 5.6%. Recovery in 2023 is forecasted at 3.1%, though analysts anticipate a slowdown to 1.1% in 2024 due to high interest rates. Third-quarter 2023 GDP growth stood at 5.5% compared to a 3.5% shrinkage in the same period last year.