The fall of the Russian economy due to the pandemic was the highest in 11 years

The Russian economy, which faced in 2020 not only a shock due to the pandemic and quarantine restrictions, but also a strong decline in oil demand , decreased by 3.1% in annual terms in 2020, follows from the first estimate of Rosstat. The nominal volume of GDP in 2020 amounted to 106.6 trillion rubles.

The assessment of the statistical agency turned out to be more optimistic than the forecasts of both the government and Russian and international economists.

At the same time, the slowdown in the economy last year was the highest in 11 years: GDP fell more strongly in 2009 - by 7.8%, follows from Rosstat data.

The Ministry of Economic Development expected the Russian economy to decline by 3.8% last year, the Bank of Russia - by 4-5%, the Development Center of the Higher School of Economics - by 4%, the International Monetary Fund and the British Oxford Economics - by 3.6%.