24 Mar 2022 11:14

Econ Ministry puts Russian GDP growth at 6.6% in Jan

MOSCOW. March 24 (Interfax) - Russian GDP grew by 6.6% year-on-year in January 2022, the Economic Development Ministry estimated in data posted on its website.

The ministry did not publish its monthly report on the situation in the Russian economy, in which it always provided estimates for GDP growth and which it usually released the same day as the report from the Federal Statistics Service (Rosstat). The latter published its report for January back on March 2.

The ministry's estimate shows that year-on-year GDP growth accelerated considerably in January compared to the last quarter of 2021. It estimated growth at 4.3% in December, 5.3% in November and 4.9% in October.

Russian GDP grew by 4.7% in 2021 after contracting by 2.7% in 2020, Rosstat's first estimate showed.

The Economic Development Ministry's and Central Bank's current official forecasts for GDP growth in 2022 - 3% and 2-3%, respectively - are no longer relevant in the current realities. Updated forecasts are expected in April.