Russia's gross domestic product (GDP) rose by 1.4 percent year on year in the first quarter of this year, according to preliminary data published by the Federal State Statistics Service (Rosstat).    

The preliminary data fell short of earlier predictions made by the Russian Economic Development Ministry and the Russian Central Bank, which estimated a rise of 1.7 percent and 2 percent year on year, respectively.    

For the whole-year GDP, the Russian Economic Development Ministry expects a growth of 2.5 percent while the Russian Central Bank forecast an increase of 1 percent to 2 percent.

This improvement follows significant challenges faced by the Russian economy after its invasion of Ukraine, as European Union and G7 countries imposed extensive sanctions targeting key sectors such as energy, finance, and technology.

These measures have led to a substantial decline in oil and gas revenues, with a reported 24% drop in 2023 compared to the previous year. Additionally, the sanctions have restricted Russia's access to international financial markets and advanced technologies, contributing to a contraction in various industries and increasing fiscal pressures on the government, according to media reports. – Xinhua/RSS