The Russian economy grew by a record 10.3% in the second quarter

by time news

Russia’s GDP in the second quarter of this year grew by 10.3% compared to the same period in 2020 and by 1.7% compared to the same period in 2019, follows from the preliminary estimate of Rosstat. This figure is a record one since the third quarter of 2000. Then the country’s economy grew by 10.5%.

In general, the current value is the maximum for the second quarter in the entire history of observations, which have been conducted since 1996. The previous record was recorded in the second quarter of 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.

In the second quarter of this year, after the lifting of a number of restrictions and the partial recovery of the tourism industry, passenger turnover in Russia increased by 250% in annual terms. The volume of water supply, wastewater disposal, waste collection and disposal, and elimination of pollution increased by 30.2%. Retail trade increased by 23.5%, and wholesale by 19.8%. The volume of processing industries increased by 11.4%, the construction industry – by 10.7%, cargo turnover – by 9.9%, and mining – by 7.8%.

Rosstat noted that they will present an updated estimate of GDP for the II quarter on September 10. In the first quarter, the Russian economy contracted by 0.7%.

Last year, Russia’s GDP fell 3% due to the coronavirus pandemic. This year, there is a recovery growth in the country’s economy. According to the head of state, Vladimir Putin, in general, in 2021, GDP growth may reach 4%. The Ministry of Economic Development believes that the indicator will be at the level of 3.8%, while the Ministry of Finance expects higher values. The Central Bank predicts economic growth by 4-4.5%.

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