Russian GDP growth outlook downgraded to 2.9% for 2021, says ministry

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# 12:01
22 April 2021

Russia’s Economic Development Ministry has downgraded its GDP growth outlook for 2021 from 3.3% to 2.9%, for 2022 - from 3.4% to 3.2%, whereas the GDP growth projection for 2023 remained unchanged at 3%, a source in the ministry said, APA reports citing TASS.

"It is necessary to look not only at 2021, but at 2020-2021 at once, as the rebound was partly postponed to 2020 [GDP contraction in 2020 was lower than the Economic Development Ministry projected in its September outlook - TASS]. The GDP outlook for 2021 has been adjusted to 2.9% from 3.3% expected previously, considering a more gradual withdrawal from the OPEC+ deal in particular," the source said.

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