Key findings
- Inflation and exchange rate:
— In 2022, inflation reached 17.1% in April. The main reason for the rise in inflation was the price spike in March and April due to external sanctions and the slump of the ruble, which temporarily reached 120.4 rubles to one dollar. However, by the end of the year, inflation slowed down to 12.6% and the ruble exchange rate stabilised around 72 roubles to a dollar thanks to measures taken by the Central Bank of Russia, including an increase in the key rate to 20%.
- Raw materials and metals prices:
— Brent crude oil prices continued to rise in 2022, reaching $100.8 per barrel. This was a result of global economic conditions and supply cuts. Average annual aluminium and steel prices also reached historic highs, benefiting export earnings from these products.
- Gross Domestic Product (GDP):
— The fall in GDP in 2022 was 2.1%, significantly less than in the crisis years (2009, 2015, 2020). Sectors such as wholesale and retail trade and manufacturing, which were affected by sanctions and disruption of supply chains, contributed to the decline in GDP. At the same time, agriculture showed growth thanks to a record harvest, and construction reached record levels of housing starts since 1991.
- Industrial production and import substitution:
— Industrial production declined by 0.6% in 2022, which turned out to be a smaller decline than in previous crisis periods. Import substitution policies have boosted production in sectors such as food processing, pharmaceuticals, metal products and engineering. This helped mitigate the impact of sanctions and support domestic demand.
- Labour market and personal income:
— The unemployment rate fell to a record 3.9% in 2022, despite economic difficulties. This was due to the departure of some labour resources abroad, the development of import substitution and the creation of new jobs. The average per capita income of the population grew despite inflationary pressures, which was supported by the government's measures to index wages and pensions.
Conclusion
The year 2022 demonstrated the ability of the Russian economy to adapt to the challenging external environment. Supporting domestic industries, modernising manufacturing and improving the business climate remain key areas of focus for the future. The experience of 2022 shows the need to further strengthen economic independence and resilience to external shocks.You can learn more about changes in macroeconomic indicators in Russia for 2022 in our study.
May, 2026
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