Rosstat recorded a record quarterly growth of Russia’s GDP since 2000

by time news

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 one since the third quarter of 2000. Then the country’s GDP also increased by 10.5%.

Earlier, Rosstat published a preliminary estimate, according to which the country’s economy grew by 10.3% in April-June this year. The department explained the increase in the indicator by “clarification of the primary statistical reporting submitted by enterprises and the receipt of data from the Bank of Russia.”

The current value is the maximum for the second quarter in the entire history of observations, which have been conducted since 1996, follows from the statistics of Rosstat. The previous record for the II quarter was recorded in 2000 and amounted to 10.2%. In the same period of 2020, Russia’s GDP fell by 7.8% amid the coronavirus pandemic and related restrictions.

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 indicator amounted to almost 107 trillion rubles.

The statistics department added that in the second quarter of this year, production growth compared with the corresponding period last year was observed in almost all sectors of the economy. The most noticeable added value grew in the sphere of hotels and public catering enterprises (+ 109.2%) after falling by 56.7% in the same period of 2020. culture, sports, leisure and entertainment (+ 34.5%), water supply, sewerage, waste collection and disposal and pollution elimination activities (+ 30.2%), wholesale and retail trade (+ 21.6%).

Earlier, on September 8, Russian Prime Minister Mikhail Mishustin said that in June this year, the country’s economy recovered to a level that was before the coronavirus pandemic. On the same day, the head of the Ministry of Economic Development Maxim Reshetnikov said that the department revised its forecast for GDP growth in 2021 from 3.8 to 4.2%, and in 2022 – from 3.2 to 3%. According to the minister, economic growth in 2023–2024. is projected at 3% and will depend on government efforts and “unwinding the flywheel of infrastructure investment.”

At the same time, Russian President Vladimir Putin said earlier that the country’s GDP by the end of the year could be about 4%. In 2020, due to the coronavirus pandemic, the economy contracted by 3%. This result was the worst since 2009, when GDP fell by 7.8%.

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