Rosstat has published data on the growth of Russian GDP. Last year it increased by1.3%. This is the smallest growth since 2016.
The indicator corresponds to the forecasts of the Central Bank and analysts surveyed in December last year.
The agency did not provide data on GDP for the 4th quarter. The information will be made public approximately in March. Modified data for the 1-3 quarter of 2019 will be published then too. For the first 9 months of last year, Rosstat has estimated the GDP growth at 1.1%.
How did the economy grow last year?
Increasing added value for extractive and manufacturing industries is the main factor of the GDP growth.
In trade, the added value has grown by 1.7%. In the areas of finance and insurance it has increased 9.7%. The growth of 1.8% has been observed in the fields of information and communication, while in construction it has totaled 0.4%.
Final consumption expenditures have accounted for about 70% of total GDP. Household expenses have increased up to 50%, government expenditure has risen to 18.5%.
Net export has decreased to 7.7%. In 2018, it was equal to 10%.
Forecast for the current year
At the end of last week, the Ministry of Economic Development presented a forecast for GDP growth in 2020. It will increase to 1.9%. The forecast for the years of 2021-2024 remained unchanged – 3.1-3.3%.
The Central Bank expects the economy to rise within 1.5-2%. Experts surveyed in December suggest that GDP will increase 1.8% in 2020.
The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company UFT Group