Russia’s GDP growth in May accelerated to 10.9% in annual terms after the April 10.8%, according to the Economy Ministry’s review “The picture of business activity”. According to the ministry, GDP growth is supported by non-resource sectors – agriculture, construction, manufacturing. In them, the release in May exceeded the pre-pandemic level by an average of 3%.
“Starting from April 2021, the annual dynamics of the main macroeconomic indicators has been influenced by the low base of the corresponding months of last year, formed by the influence of quarantine restrictions aimed at combating the spread of the new coronavirus infection. In this regard, the annual dynamics in the coming months is not indicative, ”the Ministry of Economy states in its review.
According to the ministry, in May, the recovery of transport freight turnover continued (up to 11.1%). An increase in consumer activity was also recorded: retail trade turnover exceeded the pre-pandemic level by 1.1%. The extraction of minerals, as in April, remains at the level of more than 3% lower than before the pandemic.
The International Monetary Fund forecast Russia’s GDP growth in 2021 and 2022 at 3.8%. The European Bank for Reconstruction and Development expects Russia’s GDP to grow by 3.3% in 2021 and 3% in 2022 if the country manages to avoid the third wave of the COVID-19 pandemic.
About the decline in Russia’s GDP in 2020 and the forecasts of the Russian authorities – in the material “Kommersant” “The past GDP is not a friend to the future.”