Reshetnikov: Russia’s GDP Declines by 4.2% in H1

The Russian gross domestic product (GDP) declined by 4.2% in the first half (H1) of 2020, according to Russia’s Minister of Economy, Maxim Reshetnikov.

The ministry reportedly expects the economy to retreat by 4.8% in 2020 and expects the recovery to the pre-COVID-19 levels to take place by the fourth quarter (Q4) of 2021.

“In budget forecasting, we generally stick to the estimations provided in May, which envision GDP contraction of 9.5% in the second quarter. Currently, the latest figures provided by Rosstat say -9.6%, which means that we are in the projected corridor and, consequently, expect total GDP contraction in comparable prices of 4.8% this year.”

As quoted by TASS