23 Dec 2021 13:16

Russian GDP could grow 4.5% in 2021 - Putin

MOSCOW. Dec 23 (Interfax) - Russian GDP could grow 4.5% in 2021, Russian President Vladimir Putin said during his annual press conference, answering a question from Interfax.

He said capital investment was expected to grow 6%.

"GDP growth of 4.5% is being expected this year. This was 4.6% up to and including October," Putin said, referring to year-on-year growth for the period January-October.

"Capital investment [growth for January-September] was 7.6% and is being expected to grow 6% in the year. There was a drop of 1.4% last year," he said.

Putin said the Russian economy had recovered "much more quickly than in other countries" in 2021 after falling in 2020.

The Russian Economic Development Ministry has estimated GDP growth at 4.9% year-on-year in October 2021, 3.7% in September and 4.2% in August, and 4.6% in January-October.

The ministry in September upgraded its forecast for GDP growth in 2021 to 4.2% from 3.8% in July, while lowering its 2022 growth outlook to 3.0% from 3.2% and retaining its growth forecasts at 3.0% in 2023-2024.

Analysts told Interfax in a consensus forecast in early December that they thought the economy would grow 4.3% in 2021 and 2.4% in 2022.