The volume of GDP of the Russian Federation for the first quarter increased by 3.5% year-on-year

AK&M 01 July 2022 20:00

The volume of Russia's GDP for the first quarter of 2022 amounted to 34629.2 billion rubles at current prices, an increase of 3.5% year-on-year. Compared to the fourth quarter, GDP decreased by 19.2%. This is evidenced by the data of Rosstat.

The GDP deflator index for the first quarter of 2022 in relation to the prices of the first quarter of 2021 amounted to 123.4%, in relation to the prices of the fourth quarter of 2021 – 110.5%.

As part of GDP, compared to the first quarter of 2021, final consumption expenditures increased by 3.3%, gross accumulation increased by 3%.

The increase in final consumption is due to a noticeable increase in household consumer spending (104.5%) after the cancellation of restrictive measures related to COVID-19 starting from the second quarter of 2021, as well as an increase in consumer demand in March this year in anticipation of the consequences of external sanctions pressure, Rosstat emphasizes.

As part of gross accumulation, there was an increase in the accumulation of fixed capital, including valuables (+11.1%), and a decrease in the growth of working capital mainly due to goods for resale in conditions of increased demand for them.

In the structure of GDP in the first quarter of 2022, the share of net exports increased relative to the corresponding quarter of the previous year (from 7.1% to 18.7%) due to a significant excess of prices of exported fuel and energy products over import prices. The share of final consumption expenditures decreased from 76.1% to 66.5%, gross accumulation - from 16.8% to 14.8%.

Noticeable changes have occurred in the structure of GDP by sources of income. Against the background of the outstripping growth of gross profit, its share in GDP increased from 41.2% to 47.2%. At the same time, the share of wages decreased from 46.9% to 41.7%, the share of net taxes on production and imports decreased from 11.9% to 11.1%.