Key facts
- Russia's GDP grew by 1.3% year-over-year in April.
- Unemployment remained at a record low of 2.2%.
- Nominal wage growth was 14.4% year-over-year, while real wage growth was 8.1% year-over-year.
- Retail sales showed stronger performance.
- Manufacturing and transport sectors benefited from war-related activities.
Russia's Gross Domestic Product (GDP) experienced a slowdown, registering a growth of 1.3% year-over-year in April. This deceleration occurred despite a concurrent strengthening in retail sales. The labor market remained exceptionally tight, with unemployment holding steady at a record low of 2.2%. Wage growth continued to be robust, showing a nominal increase of 14.4% year-over-year and a real increase of 8.1% year-over-year. Key sectors such as manufacturing and transportation have been bolstered by developments related to the ongoing conflict.