Russian economic growth slows to 1.6% in March -economy ministry

– Russian economic growth slowed to 1.6% in March from 4.3% in February, the economy ministry said on Wednesday.

In the first quarter, the economy expanded by 3.7% in year-on-year terms, the ministry said.

Russia expects the economy to contract by 8.8% in 2022 in its base case scenario, or by 12.4% under a more conservative scenario, an economy ministry document showed on Wednesday, further evidence that sanctions pressures are taking their toll.