Russian economy is 0.1% above pre-covid level in June 2021 – Minister – Business and Economics
KAZAN, July 28. / TASS /. The Russian economy was 0.1% above the pre-covid level of the fourth quarter of 2019 in June 2021, Economic Development Minister Maxim Reshetnikov said on Wednesday.
He was speaking at the 12th International Economic Summit “Russia-Islamic World: Kazan Summit 2021”.
“The latest statistics show that in June, the Russian economy surpassed the pre-covid level, which is the level of the fourth quarter of 2019. It is up 0.1% from the peak recorded before the pandemic In addition, the pace of recovery is good, the economic growth in the number of industries is overwhelming, “Reshetnikov said.
According to him, the current economic situation is encouraging.
“With the economic growth ahead, we have improved our estimates of economic growth for the year, and now we will conduct a more in-depth analysis. The current situation is quite encouraging,” the minister said.
Earlier, the Federal Statistical Service reported that GDP lost 1% in the first quarter of 2021, according to preliminary estimates. In 2020, Russia’s GDP grew by 1.4% in the first quarter, after which the decline began – by 7.8% in the second quarter, 3.5% in the third quarter and 1.8% in the fourth, depending on the service. The total GDP contraction amounted to 3% last year, Rosstat said in its revised estimate.
Earlier, it was reported that the Ministry of Economic Development expects Russia’s GDP to grow 2.9% this year, 3.2% in 2022 and 3% in 2023.