European Commission raises Russian GDP outlook for 2021 to 3.9%

MOSCOW, Nov 11 (PRIME) -- The European Commission has raised the outlook for Russian gross domestic product (GDP) growth in 2021 to 3.9% from 2.7% and the outlook for 2022 to 2.6% from 2.3%, the authority said in a statement on Thursday.

Russia’s GDP growth outlook for 2023 is set at 2.2%.

"Despite a low vaccination rate and a high mortality from COVID-19 in the autumn of 2021, real GDP in Russia has by now surpassed the pre-pandemic level," the European Commission said.

"Going forward, growth is likely to benefit from a decisive improvement of its terms-of-trade and rising fiscal revenues, which provide room for additional transfers and spending, pushing consumption up."

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