Exports and imports expected to decline this year in Russia

According to the survey conducted by the Central Bank of Russia with 27 economists from various institutions, the country's exports are expected to decrease from 550 billion dollars to 484 billion dollars in 2022 compared to last year. Russia's imports are expected to decrease from 379 billion dollars to 266 billion dollars.

The unemployment rate is expected to rise from 4.3 percent to 6.9 percent.

Russia's foreign trade surplus increased by 123 percent in the first month of the year compared to the same period of 2021, reaching $22.5 billion.

The Russian economy is expected to shrink by at least 10 percent this year as a result of the extensive sanctions imposed by Western countries over Russia's attack on Ukraine.