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| Russia’s economic growth speeds up to nearly 11% in May | Russia’s economic growth speeds up to nearly 11% in May |
| (about 2 months later) | |
| Russia’s gross domestic product (GDP) saw a year-on-year growth of 10.9% in May as the country gradually recovers from the Covid-19 pandemic, the economy ministry announced on Thursday. | Russia’s gross domestic product (GDP) saw a year-on-year growth of 10.9% in May as the country gradually recovers from the Covid-19 pandemic, the economy ministry announced on Thursday. |
| According to the ministry, May’s growth rate is mainly attributed to the low acceleration recorded during the same period a year ago, when tight Covid-related restriction were in force. | According to the ministry, May’s growth rate is mainly attributed to the low acceleration recorded during the same period a year ago, when tight Covid-related restriction were in force. |
| Thus, the growth rate is not regarded as a useful indicator. The ministry instead opted to compare the current growth to the fourth quarter of the pre-pandemic year 2019. | Thus, the growth rate is not regarded as a useful indicator. The ministry instead opted to compare the current growth to the fourth quarter of the pre-pandemic year 2019. |
| “Seasonally adjusted gap with the pre-pandemic level in May narrowed to 0.3%,” the report said. | “Seasonally adjusted gap with the pre-pandemic level in May narrowed to 0.3%,” the report said. |
| The ministry also upgraded April’s economic growth to 10.8%, from the previously reported 10.7%. | The ministry also upgraded April’s economic growth to 10.8%, from the previously reported 10.7%. |
| The country’s GDP is mostly boosted by non-energy sectors, including the agriculture, manufacturing, and construction industries, all of which demonstrated an output growth of 3% compared to the pre-pandemic period. | The country’s GDP is mostly boosted by non-energy sectors, including the agriculture, manufacturing, and construction industries, all of which demonstrated an output growth of 3% compared to the pre-pandemic period. |
| “Despite a slight slowdown in May 2021, recovery in consumer activity continues. Retail turnover is estimated to have exceeded the pre-pandemic level by 1.1%,” the ministry report added. | “Despite a slight slowdown in May 2021, recovery in consumer activity continues. Retail turnover is estimated to have exceeded the pre-pandemic level by 1.1%,” the ministry report added. |
| For more stories on economy & finance visit RT's business section | For more stories on economy & finance visit RT's business section |