Min: Russian GDP decline narrows to 3.3% on year in September

MOSCOW, Oct 21 (PRIME) -- The Russian gross domestic product (GDP) decreased by 3.3% on the year in September after 3.7% in August, the Economic Development Ministry said in a report late on Tuesday.

"The monthly GDP rise increased in the third quarter: in accordance with the estimate, the decline narrowed to minus 3.3% on the year in September 2020, as compared with minus 3.7% on the year in August and minus 4.4% on the year in July," the document read.

The ministry also improved its estimates for GDP decline in August to 3.7% from 4.3% and in July to 4.4% from 4.6%.

The GDP decreased 3.5% on the year in January–September. In July–September, the GDP fell 3.8% after 8% in April–June.

"The removal of quarantine restrictions in the third quarter of 2020 was accompanied by improvement of the dynamics in the services sector under the estimate,” the ministry said.

“At the same time, under the OPEC plus agreement targeted at support of the oil prices and restriction of international transportation, mineral production and the transport sector continued to weigh down significantly on the GDP dynamics (at a total of minus 2.9 percentage points in the third quarter, under the estimate)."

The decrease of Russian GDP will amount to 3.9% in 2020.

End