Rosstat recalculated GDP for 2019 and 2020

Rosstat recalculated Russian GDP for 2020 and 2019.

According to a new estimate, in 2019 the country's economy grew more - not by 2.0%, but by 2.2%, and in the coronavirus 2020 it fell less - not by 3.0%, but by 2.7%. In nominal terms, GDP amounted to 109.6 trillion rubles and 107.3 trillion rubles, respectively.

These figures mean that GDP at the end of 2020 decreased by only 0.56% compared to the beginning of 2019, and not by 1.06%, writes RBC.

“The revision of the GDP estimate for 2020 is based on the annual results of federal statistical observations and data from the Federal Customs Service of Russia on the dynamics of foreign trade operations for 2020 relative to 2019. When performing calculations for 2019 and 2020, the results of the development of annual tables of resources and the use of goods and services for 2019 and updated balance of payments data for these years were taken into account, ”explains Rosstat.

The agency should publish a preliminary estimate of GDP dynamics for 2021 in early February. GDP growth for 11 months reached 4.7%, but growth for the year promises to be higher: according to the estimates of the Ministry of Economic Development, in November, economic growth in annual terms amounted to 5.2% after 4.8% in October.

In 2022, the Ministry of Economic Development predicts GDP growth of 4.3%, then 3% per year.