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Russia GDP in March grew for the first time in a year

April 22/2021

MOSCOW (MRC) - Russia's gross domestic product (GDP) grew by 0.5%  in March on an annualized basis, Vedomosti reports citing data from the Ministry of Economic Development.

According to the ministry, monthly GDP growth was recorded for the first time since March last year. At the same time, according to the results of the first quarter, GDP decreased by 1.3% in annual terms. In the fourth quarter, according to Rosstat, the decline in GDP was 1.8%.

The ministry records growth in the manufacturing industry - in March the figure was 4.2% against a decline of 1.7% in February. "The main contribution was made by the industries of machine-building and chemical complexes. Also, steady growth continued in the light industry and the woodworking complex, positive dynamics in the food industry resumed, the decline in oil refining and the metallurgical complex slowed down," the report says.

The level of recession in the extractive sector of the economy decreased - to minus 5.6% in annual terms in March from minus 9% in February. The transport cargo turnover sector in March showed an increase of 3.9% after declining by 0.5% in February and by 2.1% in January on an annualized basis. The growth was driven by rail, pipeline, sea and road transport. At the end of the first quarter, the indicator increased by 0.4% yoy after falling by 2.2% in the fourth quarter of 2020.

The volume of paid services to the population in March increased by 1.4% yoy after declining by 5.5% in February. Catering turnover increased by 2.3% on an annualized basis after falling by 9.1% in February.

At the same time, retail trade turnover in March 2021 decreased by 3.4% year-on-year "against the backdrop of a high base." This effect was most pronounced in the food segment - a 6% decline in March after a 3% decline in February on an annualized basis.

Earlier it was reported that Russia's GDP growth in the second quarter of 2021 could reach 5.6%, and inflation will be at 5.4% in annual terms. However, the economic recovery process can be negatively affected by a number of factors that are difficult to calculate. Among them, experts call the threat of expanding anti-Russian sanctions by the United States, the continuation of the coronavirus pandemic, and uncertainty in the oil market. The Ministry of Economic Development predicted GDP growth in Russia in 2021 by 3.3%, in 2022 - at 3.4%.
Author:Anna Larionova
Tags:petroleum products, crude oil, neftegaz, petrochemistry, Russia.
Category:General News
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