Reuters, Moscow, February 1-Preliminary data released by the Federal Statistical Office of Russia on Monday showed that Russia’s economy fell 3.1% in 2020, the largest contraction in 11 years due to the impact of the new crown epidemic.
Analysts surveyed by Reuters at the end of 2020 expect Russia’s gross domestic product (GDP) to shrink by 3.7%, and the latest forecast by the Ministry of Economic Affairs is 3.9%.
The Russian Federal Statistical Office stated that the economic contraction in 2020 is “related to epidemic prevention measures and the decline in global energy demand.”
Russia has experienced a greater economic contraction in 2009 and 1998, with a decline of 7.8% and 5.3% respectively. From 2000 to 2008, the Russian economy grew at an average annual rate of about 7%.
At the beginning of 2020, before the oil price drops and the spread of the new crown epidemic accelerates, the Ministry of Economic Affairs expects GDP to grow by 1.9% and 2.0% in 2019.
The Ministry of Economic Affairs predicts that GDP will resume growth in 2021, expanding by 3.3%. (Finish)
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