Russia's GDP decreased by 2.4% in January

AK&M 20 February 2021 12:07

In January 2021, the gross domestic product (GDP) of the Russian Federation decreased by 2.4%, according to information from the Ministry of Economic Development.

The Ministry of Economic Development notes a slower decline in retail trade turnover in January to 0.1% year-on-year from 3.6% in December 2020.

The Ministry also highlights a gradual improvement in the amount of paid services provided to the population (-9.4% in January versus -11.1% a month earlier) and the public catering turnover (-11.9% after -20.9%).

The slump in the mining industry, while contracting to 7.1% from 7.5% in December amid a planned easing of restrictions under the OPEC+ deal, still makes a substantial negative contribution to the GDP as a whole, the Ministry points out.

The volume of construction works almost stayed flat year-on-year in January (+0.1%) after a 0.9% increase in December.