The recession due to the consequences of the coronavirus pandemic in the Russian economy in the first half of 2021 has been completely overcome, President Vladimir Putin said during a meeting with government members.
“Despite the general unstable situation in the global economy, complex processes in world markets, the Russian economy has recovered. Quite recently we said “it has generally recovered”, today we can already say that it has recovered. The recession caused by the coronavirus epidemic has been completely overcome, ”Putin said on the Russia 24 TV channel.
The President added that following the results of seven months of this year, the GDP “reached the pre-crisis level.” “Industrial growth in January-July amounted to 4.4 percent. At the same time, the manufacturing industry demonstrates higher rates – plus 5.6%. Investments in fixed assets show positive sentiments of investors and businesses. In the first half of the year, he added 7.3% compared to last year’s figure, “Putin explained. In addition, he noted the successes in the fight against unemployment.
The President also = noted the successes in the fight against unemployment. “A benchmark was set to ensure employment in the Russian economy not lower than the level of 2019. And in general, we exceeded this bar in July, when the employed population was 72 million people,” Putin said, adding that this task has not yet been solved “in all regions ”, and a high level of unemployment is still observed among young people, people with disabilities.
“You know, instructions have already been given to fine-tune regional employment support programs, a long-term program to support the employment of young people, people with disabilities, including support for entrepreneurial initiatives,” the president assured. According to him, now, at the “post-crisis” stage, it is necessary to form a model of “sustainable economic development”.
Russia’s GDP in the second quarter of 2021 grew by 10.5% compared to the same period in 2020, follows from the updated data of Rosstat. This figure is a record since the III quarter of 2000. Then the country’s GDP also increased by 10.5%. Compared to the first quarter of this year, the Russian economy in the second quarter grew by 8.6%. In January – March 2021, the country’s GDP contracted by 0.7% on an annualized basis. Thus, the indicator for the first half of 2021 was 4.8%, as reported by Rosstat earlier on September 1.
Rosstat clarified that the volume of Russia’s GDP for the II quarter of 2021 amounted to 30.85 trillion rubles at current prices. In general, for the first half of the year it was estimated at 57.62 trillion rubles. For the entire 2020, the figure amounted to almost 107 trillion rubles.
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