The growth of the Russian economy at the end of 2021 amounted to 4.6%, follows from the review “On the current situation in the Russian economy”, prepared by the Ministry of Economic Development of Russia (available from RBC).
According to the agency, the growth fully offset the decline of 2.7%, which was recorded in 2020.
“In December, annual GDP growth remained at high levels: 4.3% y/y (after 5.3% y/y in November, 4.9% y/y in October and 4.3% y/y in Q3 . 2021), despite the high December 2020 base,” the ministry’s review says.
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Industrial production, construction and freight turnover made the greatest contribution to economic recovery. At the same time, a decline was recorded in agriculture due to a reduction in the harvest of cereals, potatoes and vegetables, as well as a low growth rate in livestock production, follows from the review.