Russia’s factories suffered a sharp fall in output in April, with auto production leading the way down, falling 61% from last year as Western sanctions in response to the invasion of Ukraine made it hard for companies to get parts, the government’s statistics agency said.
A separate survey of manufacturers conducted by data firm S&P Global showed that production continued to fall in May, albeit at a slower pace. Most economists expect Russia’s economy to contract this year, with the country’s central bank expecting to see a decline in output of between 8% and 10%.
