In the first quarter of 2021, Russia’s real gross domestic product decreased by 0.7% compared to the same period of the previous year. The GDP value of the period under review (26 771 billion rubles in current prices) was adjusted by price deflator 108.9%.
The main factors behind the decline in Russia’s real GDP in the first quarter were restrictions related to the coronavirus infection and lower demand for energy resources in the world.
Despite the gradual recovery of the economy, there was a decrease in value added in certain industries, particularly in sectors focused on serving the population: hotels and restaurants (minus 7.5%), institutions of culture and sports (minus 4.1%), transport enterprises (minus 3.2%), organizations providing other services to the population (minus 1.3%).
Against the backdrop of lower demand for energy resources in the world, a drop was observed in the extractive industries (minus 7.4%).
The growth of gross value added compared to the same period last year was observed, in particular, in manufacturing industries (plus 0.6%).
This preliminary GDP estimate made by the Federal Statistical Service of Russia is subject to change later on. The updated numbers and most actual data shall be included into our extended Market Reports.
