Russia's economy continues to reel as energy revenue and the ruble weaken
As Moscow navigates its second year of its war on Ukraine, the Russian economy continues to stumble with plunging oil and gas export revenues and a weakening currency.
Through the first quarter of 2023, the country's energy revenues tumbled 45% year over year to $19.6 billion as crude prices declined and gas exports sank.is having the intended dual-effect of curtailing revenue while keeping products flowing through the market. wouldn't spur serious repercussions in overall production volume.
Alongside the drop in energy revenue, spending surged 34% to $99 billion as the costs to wage war on Ukraine pile up. That led toworst week against the dollar since April 2022The deterioration at the start of 2023 follows indications that Russia's recession in 2022 was much worse than official data showed.
Stripping away military spending from GDP figures, the country saw a downturn twice as bad as domestic figures imply, wrote Adrian Schmith and Hanna Sakhno a"[The data] currently points to a further loss of momentum driven by stagnating real estate prices and lower business activity in recent months, which is not yet fully reflected in the official data releases," the authors wrote.
That adds to bleak views about the Russian economy as war and sanctions weigh on its long-term prospects."Everything that is happening makes the Russian economy more primitive, more backwards," he told Russian news outlet
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