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Главная \ News \ Rosstat has improved its assessment of the Russian economy

Rosstat has improved its assessment of the Russian economy

The fall in Russia's GDP in Q3 2020 was not 3.6%, but 3.4%. Rosstat improved its assessment of the

state of the economy after clarifying the reporting of enterprises and the assessment of the banking

sector from the Bank of Russia.

One of the reasons for the positive revision was the increase in the added value of banking services in

the field of finance and insurance, which amounted to 8%. This is due to the transition of citizens to the

stock market. In connection with the fall in deposit rates, Russians began to pay attention to stocks and

bonds, the more they are actively advertised on the Internet. This year, Russia's GDP will lose no more

than 5%.

According to the official forecast of the Ministry of Economic Development, Russia's GDP in 2020 will

decrease by 3.9%. The head of the Accounts Chamber Alexei Kudrin expects a fall of 4.5%. Earlier, a

study by the audit and consulting network FinExpertiza showed that in April-June 2020, the real

disposable income of Russians (taking into account inflation and excluding mandatory payments) was

8.4% lower than in 2019, and in July-September - by 4.8%. The situation was worse only in 1999 in

Russia.

Source: www.lenta.ru

News
The OECD predicts acceleration in the global economy and a slowdown in the domestic Russian economy. The decline in household incomes and the contraction of consumer demand may become an additional brake on the recovery of the Russian economy.
According to Rosstat, the economic downturn in Russia in 2020 amounted to 3.1% – significantly better than expected.
The Deputy Chairman of the Bank of Russia Alexey Zabotkin emphasized that the potential economic growth rates do not depend on monetary policy, they are influenced by demography, labor force, and the efficiency of institutions.
The Russian economy continues to lose its attractiveness in the eyes of large transnational businesses as consumers become poorer and the government continues the sanctions war with the West.

The Washington Institute of International Finance (IIF) sharply improved its forecast for the Russian economy. Its experts revised estimates of the fall in GDP in 2020 from minus 4.8% to 3.6%.

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