GDP contracts by a mere 3.1% in 2020

RUSSIA ECONOMICS - In Brief 01 Feb 2021 by Alexander Kudrin
Rosstat reported that the Russian GDP decreased by 3.1% in 2020, which is in line with GKEM Analytica’s expectations. As was mentioned in the previous notes, ongoing regular upward revisions of monthly statistics explain a slightly better outcome relative to what GKEM Analytica expected. On top of that, on December 30, 2020, Rosstat quietly revised (also up) the 2018 and 2019 GDP growth rates. These revisions could have also affected the 2020 GDP numbers. Note that quarterly statistics, neither for 2018-2019 nor 2020 matching the newly published data are available yet.In nominal terms, the GDP slightly exceeded R106,6 trln ($1.484 trln). It was also in line with expectations. Household consumption shrank by 8.6% last year, while investment in production capacity declined by 6.2%. It looks as though a strong rebound can be expected in 2021 on the consumer side, while investment growth will remain moderate.In one of the forthcoming reports, GKEM Analytica will have a closer look at the currently available statistics. At a glance, there are chances that 2021 GDP growth may be faster than was initially expected.Evgeny GavrilenkovAlexander Kudrin

Now read on...

Register to sample a report

Register
Sign-in
Forgot your password?
Copyright 2024 GlobalSource Partners. All rights reserved. This is prepared for GlobalSource Partners’ clients and may not be redistributed, reproduced, stored in a retrieval system, retransmitted or disclosed, in whole or in part, or in any form or manner, without the express written consent of GlobalSource Partners. This is distributed simultaneously to our website and other portals used by GlobalSource Partners. The information herein was obtained from various sources and is believed to be reliable but GlobalSource Partners does not warrant its completeness or accuracy. Neither GlobalSource Partners nor any Country Analyst, officer or employee accepts any liability whatsoever for any direct, indirect or consequential damages or losses rising from any use of this or its contents.