The Ministry of Economic Development announced the growth of Russia's GDP in January by 6.6%

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The Ministry of Economic Development announced the growth of Russia's GDP in January by 6.6%
The Ministry of Economic Development announced the growth of Russia's GDP in January by 6.6%
24 March, 11:47EconomyPhoto: 1MI
According to the Ministry of Economic Development, in January 2022, the GDP of the Russian Federation grew by 6.6% compared to the results of January 2021. Thus, economic growth has accelerated since the end of last year.

At the same time, Interfax notes that the ministry did not publish a report “On the situation in the Russian economy”, which always included an estimate of GDP.

“Thus, the annual GDP growth rate of the Russian Federation in January 2022 accelerated significantly compared to the end of 2021 - the Ministry of Economic Development estimated economic growth in December 2021 at 4.3%, in November - by 5.3%, in October - by 4%. .9%,” the agency reports.

The forecasts of the Ministry of Economic Development and the Central Bank of the Russian Federation on the dynamics of the Russian GDP for 2022 have lost their relevance due to the economic sanctions of the West. Earlier, the Ministry of Economic Development predicted growth at the level of 3%, the Central Bank - at the level of 2-3%. Updated forecasts are expected next month.

“According to the estimates of the Bank of Russia, there will be a decline in GDP in the coming quarters. It will mainly be related to supply-side factors and, as a result, will have a limited disinflationary impact,” the Central Bank noted.

Analysts polled by the Central Bank in early March expected inflation to rise to 20% and GDP to fall by 8%.

Last week, the head of the World Bank, David Malpass, said that sanctions imposed by Western countries against Russia will negatively affect global GDP. Moreover, they will have more impact than the special operation in Ukraine itself, which became the reason for the introduction of these restrictions.

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