Russian economy grows 10.5% year-on-year in second quarter, strongest jump since 2000
MOSCOW, September 10 (Reuters) – The Russian economy grew 10.5% year-on-year in the second quarter of 2021, Rosstat data showed on Friday, registering its strongest jump since 2000 as it recovered from a sharp contraction caused by the COVID-19.
Rosstat, the federal statistics service, tentatively announced 10.3% annual growth in Russia’s gross domestic product in the second quarter, a year after lockdowns hit Russia’s economic activity.
After declining 3.0% in 2020, its strongest in 11 years, the Russian economy has already reached pre-pandemic levels, driven by a rebound in global commodity prices.
But the standard of living and some sectors have not fully recovered, affected by the weakness of the ruble and high inflation.
Stubbornly high inflation prompted the central bank to raise its policy rate for the fifth time this year on Friday.
Compared to the second quarter of 2019, GDP grew by 1.8%, according to data from Rosstat.
GDP growth in the second quarter was the strongest since the third quarter of 2000, according to Reuters data.
(Report by Andrey Ostroukh; edited by Jonathan Oatis)
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