GDP up by 4.7% in 2021

RUSSIA ECONOMICS - In Brief 18 Feb 2022 by Alexander Kudrin
The Russian GDP reached nearly R130.1 trln in 2021 and was up by 4.7%. These numbers are higher than was expected earlier, however, permanent upward revisions of selected historical data during the year prompted that surprises from Rosstat could not be ruled out. Still, the currently available quarterly GDP statistics don’t match the annual figure, and Rosstat is yet to revise them. In the US dollar terms GDP reached $1776 bn.Among the most sizeable sectors of the economy, the fastest growth was recorded in trade (8.1%), transportation and storage (7.8%), construction (5.8%). Manufacturing grew by 4.6%, mining – by 4.2%. Finance and insurance expanded by 9.2%, while government administration, defense, and social security combined segment contracted by 0.1%.On the end-use side of GDP household consumption expanded by 9.6%, while investment in production capacity was up by 7.0%. Net export had a negative contribution to GDP growth due to the strong growth of imports.Statistics show that almost all across the board, i.e., all segments of the economy the 2021 economic growth helped to more than offset the 2.7% GDP contraction in 2020.As the updated official quarterly GDP statistics won’t be available for some time, the next report in the Russia Economics series will be on the reconstruction of the quarterly national accounts and the implications on 2022 growth of the recently published data.Evgeny GavrilenkovAlexander Kudrin

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