Russian economy beats previous estimates to achieve 10.5% growth in second quarter 2021 – Rosstat – RT Business News
Russia’s statistical agency Rosstat has improved its estimate of the country’s GDP growth in the second quarter of 2021 to 10.5% in annual terms.
“Russia’s GDP volume for the second quarter of 2021 was 30.8 trillion rubles ($ 421 billion) at current prices. The index of physical volume of GDP compared to the second quarter of 2020 was 110.5[%],”, Says the Rosstat report.
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The volume of GDP for the first half of 2021 in monetary terms amounted to 57.6 trillion rubles ($ 786 billion) at current prices. GDP growth in annual terms has been estimated at 4.8%.
According to the agency, almost all sectors of the economy saw an increase in production in the first half of 2021 compared to the corresponding period last year. The value added tax has increased especially in areas such as hotels and restaurants, water supply, sanitation, waste collection and disposal, as well as culture and sports, wholesale trade and retail, transportation and storage.
Rosstat also compared Russia’s GDP growth in the second quarter of 2021 to the corresponding period before the 2019 pandemic, putting it at 1.8%. He said, however, that some of the industries did not reach the level of the second quarter of 2019, namely hotels and restaurants, mining, transport and storage, culture and sports and some other service-related spheres.
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Earlier this week, the head of the Ministry of Economic Development and Trade, Maxim Reshetnikov, said that the potential for recovery of the Russian economy has not yet been exhausted, as there is a reserve for growth in the industries. that have not yet reached the pre-pandemic level, such as mining, consumer services and passenger transportation. His ministry also recently raised its estimate of Russia’s GDP growth for the current year to 4.2%, from 3.8% in June and 2.9% in April.
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