Govt: Russia’s economy almost reaches pre-pandemic level

MOSCOW, Aug 25 (PRIME) -- Most Russia’s macroeconomic indicators have reached the pre-pandemic level, an official at the office of Deputy Prime Minister Tatyana Golikova said in a statement on Wednesday citing an assessment of the Economic Development Ministry.

“The Economic Development Ministry has presented a report on economic development and plans to create jobs until the end of 2021. According to the ministry’s assessment, most macroeconomic indicators have reached the pre-pandemic levels,” it said.

Russia’s industrial production fully recovered in February, and the growth of almost all industries have topped the pre-pandemic growth, the statement also read.

“Industrial production recovered already in February. Positive dynamics are seen in almost all industries and they exceed the pre-pandemic figures. Mining is the only exclusion as it is additionally influenced by the OPEC+ (oil production cut) agreement.”

The authority added that Russia’s consumer market is still below the pre-crisis level due to to the dynamics of payable services and restaurants’ sales that have not recovered fully yet. Retail sales have regained previous levels after a fall seen in 2020.

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