Russia's GDP drops 4.2% in H1 2020, forecast for decline of 4.8% for 2020 remains - Reshetnikov
MOSCOW. July 22 (Interfax) - Russia's Economic Development Ministry has announced that the country's GDP declined 4.2% year-on-year in H1 2020, and the ministry's forecast for 2020 remains the same at a decrease of 4.8%. The agency plans to clarify the forecast in August, Economic Development Minister Maxim Reshetnikov told reporters.
"We must clarify the forecast, which will be in August. When forecasting the budget for today, we are generally confident in our estimate from May that assumes a 9.5% reduction in GDP in the second quarter. The latest Russian Federal State Statistics Service (Rosstat) figures forecast a decline of 9.6% [in annual terms], meaning that we are going down exactly the corridor as expected. Accordingly, we are guided by a general decrease in GDP in comparable prices by 4.8% this year," the minister said.