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Russia’s statistics agency, Rosstat, has improved its estimate of the country’s GDP growth in the second quarter of 2021 to 10.5% in annual terms.

The volume of Russia’s GDP for the second quarter of 2021 amounted to 30.85 trillion rubles ($421 billion) at current prices. The index of the physical volume of GDP relative to the second quarter of 2020 was 110.5[%],” Rosstat’s report says.

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The volume of GDP for the first half of 2021 in monetary terms amounted to 57.6 trillion rubles ($786 billion) at current prices. GDP growth in annual terms was estimated at 4.8%.

According to the agency, nearly all sectors of the economy saw an increase in production in the first half of 2021 compared to the corresponding period last year. Value-added tax increased most notably in such areas as hotels and restaurants, water supply, sewerage, waste collection and disposal, as well as culture and sports, wholesale and retail trade, transportation and storage.

Rosstat also compared Russia’s GDP growth in the second quarter of 2021 to the corresponding period of pre-pandemic 2019, estimating it at 1.8%. It stated, however, that some of the industries did not reach the level of the second quarter of 2019, namely hotels and restaurants, mining, transportation and storage, culture and sports and some other service-related spheres.

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Earlier this week, the head of the Ministry of Economic Development and Trade, Maxim Reshetnikov, said the potential for the recovery of the Russian economy has not yet been exhausted, as there is a reserve for growth in industries that have not yet reached the pre-pandemic level, such as mining, consumer services and passenger transportation. His ministry also recently raised its estimate of Russia’s GDP growth for the current year to 4.2%, up from 3.8% in June and 2.9% in April.

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