Russian GDP to contract 3% says central bank head

MOSCOW (AP) — The head of Russia’s Central Bank says the country’s economy will contract by about 3% this year. That’s a sharp turnaround from its growth in 2021, the year before sanctions and company pullouts hit in the wake of the conflict in Ukraine. Central Bank governor Elvira Nabiullina  said following a bank board meeting on Friday that inflationary pressure remains elevated, citing “worsening trade conditions” as a factor. She said annualized inflation as of December was 12.7%. A wide array of foreign companies pulled out of Russia or scaled down activities after Russia sent troops into Ukraine in February. Russia’s gross domestic product rose by about 4.8% last year.