Economic Development Ministry: Russia’s GDP rises by 4.6% in 2021

MOSCOW, Feb 10 (PRIME) -- Russia’s gross domestic product (GDP) rose by 4.6% on the year in 2021, completely compensating a 2.7% contraction of 2020, the Economic Development Ministry said in a statement late on Wednesday.

The ministry expects the GDP to rise by 3% in 2022, while the central bank expects it at 2–3%.

In December 2021, the GDP increased by 4.3% on the year in spite of the high base of December 2020, and in October–December 2021 it grew by 4.8%. Both producing industries and the industries aimed at consumer demand contributed to the growth last year, the ministry said.

Russia’s industrial output gained 5.3% in 2021, with the mining and processing industries contributing to the increase. The processing industry grew even as compared with 2019, and the growth of the final months of 2021 outperformed 2019 by more than 10%.

Construction and the turnover of cargo transport also edged up last year, retail trade gained 7.3%, services to the households 17.6%, and the public catering industry by 23.5%. The only large sector that showed contraction in 2021 was agriculture, which fell by 0.9% on the back of lower harvests of some crops and the absence of growth in production of animal products.

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