The Russian economy is expected to fully recover in June
In April, the Russian economy recovered by more than 10 percent compared to the same period last year.
Russian Minister of Economic Development Maxim Reshetnikov stated this in an interview with Izvestia, according to a PolitNavigator correspondent , when asked when the Russian economy would recover from the effects of the coronavirus crisis.
“The economic recovery is progressing at a good pace. We received statistics for April: GDP growth estimate is 10,7% compared to last year. But these numbers should not mislead anyone, since that month was the period of the most severe lockdown. If we compare the current indicators with the average level of 2019, then in general we have achieved it. GDP in April 2021 is even 0,1 percentage point higher than April 2019. But it is premature to say that we have already fully recovered,” Reshetnikov said.
According to him, the fourth quarter of 2019 was taken as the standard, but the economy falls short of this level in annual terms by 1 percentage point.
“We expect a full economic recovery in June. In May it is unlikely, since this month there was a fairly long period of non-working days. Certain sectors, however, have already been completely rehabilitated: manufacturing, retail trade, freight transportation. The situation in the service sector, primarily passenger transportation, and in the oil production sector, which is subject to restrictions under the OPEC+ deal, has not yet normalized,” the minister concluded.
A full recovery of the Russian economy is expected in June.