icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm
4 Aug, 2021 13:18

Russian finance ministry expects country’s economy to grow 4% this year – report

Russian finance ministry expects country’s economy to grow 4% this year – report

Russia’s Ministry of Finance is projecting steady GDP growth of more than 4% in 2021, while raising the outlook for inflation to more than 5%, Vedomosti newspaper reported on Wednesday, citing officials.

The trajectory of recent months indicates even more optimistic recovery dynamics and a possible acceleration of economic growth rates above 4% per annum,” the newspaper states, quoting a letter by Russia’s Deputy Finance Minister Vladimir Kolychev to Deputy Prime Minister Dmitry Grigorenko.

Also on rt.com Russia’s economic recovery reaches pre-pandemic level with higher-than-expected growth of 4.6%

Russia’s gross domestic product (GDP) has already increased by 4.6% in the first half of 2021, reaching the pre-pandemic level corresponding to the fourth quarter of 2019. That figure represented growth of 8.5% in annual terms – the fastest growth Russia’s economy has seen since 2012. Average annual growth in 2014-2019 was less than 0.5% and declined 3.1% in 2020.

Earlier this month, Russia’s economy ministry set the GDP growth outlook for 2021 at 3.8% and inflation at 5%. The finance ministry, however, states that inflation may well exceed these expectations, siding with the Russian central bank, which recently projected the indicator to reach as much as 6.2% by the end of 2021.

Also on rt.com Russian economy recovering faster than expected from pandemic – IMF

Consumer prices in the country have already seen a 4.6% increase from January to July this year. With this in mind, along with a number of other remaining pro-inflationary factors, such as surging global food prices and a steady post-pandemic recovery in demand, the finance ministry predicts inflation will surpass the 5% mark. Inflation in Russia in 2020 was 4.9%, according to Russia’s statistics agency Rosstat.

For more stories on economy & finance visit RT's business section

Dear readers! Thank you for your vibrant engagement with our content and for sharing your points of view. Please note that we have switched to a new commenting system. To leave comments, you will need to register. We are working on some adjustments so if you have questions or suggestions feel free to send them to feedback@rttv.ru. Please check our commenting policy
Podcasts
0:00
23:49
0:00
29:45