Russian GDP growth reaches 1.8% in Jan-April, says ministry

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MOSCOW, June 7. /TASS/. Russian GDP growth reached 1.8% in January-April in annul terms, according to the data released on the Economic Development Ministry’s website on Monday.

The ministry reported on June 4 that GDP growth in April amounted to 10.7% in annual terms amid last year’s low base.

Minister Maksim Reshetnikov said earlier on the sidelines of the St. Petersburg International Economic Forum that the ministry might upgrade its GDP outlook for 2021 in July if the economic recovery trend persists in May and June.

According to the preliminary estimate of the national statistics service Rosstat, Russia’s GDP contracted by 1% in Q1 2021, whereas 2020 GDP contraction is estimated at 3%.

The Economic Development Ministry expects Russia’s GDP to gain 2.9% this year, 3.2% in 2022, and 3% in 2023.