Russia’s economy started the year with two consecutive downturns

Russian Economy Continues to Contract in February

Moscow – The Russian economy experienced further contraction in February, with gross domestic product (GDP) declining by 1.5 percent compared to the same period last year, according to data released by the Russian Ministry of Economic Development on Wednesday. This follows a previously reported 2.1 percent decrease in January. The figures represent a continued downward trend for the russian economy.

Analysts attribute the decline to a combination of factors, including ongoing global economic headwinds and domestic challenges. The Ministry’s announcement detailed the February contraction, marking a period of sustained economic difficulty within the current year. The data was released amidst ongoing efforts by the government to stimulate economic growth and diversify the economy away from reliance on oil and gas exports.

The information was accompanied by a photograph of President Vladimir Putin inspecting the Lada e-Niva electric vehicle during a visit to the AvtoVAZ plant in Togliatti on January 28, 2025. The visit highlighted the government’s focus on developing domestic automotive manufacturing. Further economic assessments are expected in the coming months as the russian government continues to monitor and respond to economic conditions.

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