Russian economy grew 3.3% y/y in April -economy ministry

Russia's economy grew 3.3% in April in annual terms, the economy ministry estimated on Wednesday, up from a revised 0.7% year-on-year contraction in March.

The ministry said the growth reading was in part due to the low base effect of last year. Russia's economy contracted 2.1% in 2022 as a whole and was under particular pressure in the spring as the West imposed sweeping sanctions against Moscow over its invasion of Ukraine.