Russia's economy contracts as energy revenues decline.

Russia's economy shrank 1.9% YoY in Q1 2023, led by declines in retail and wholesale goods turnover, according to Rosstat data. The IMF predicts growth in 2023, but expects global isolation and lower energy revenues to dampen Russia's economic growth prospects for years to come. Sanctions imposed by the West in response to Moscow's actions in Ukraine have impacted the economy, but rising military production and state spending have helped to blunt the impact.