Page 38 - RusRPTMay21

3.0 Macro Economy 3.1 Macroeconomic overview
Russian basic sector output also rose 2.4% y/y in March after a 1.7% fall in February. As a result, the 1Q21 figure was close to flat y/y, according to Rosstat.
The improvement in March was broad-based, driven by industrial production (up 1.1% after a 3.2% decline in February), construction (up 0.4% after flat growth in February) and transportation services (up 3.9% after a 0.5% decline), as well as "services to the population" (up 1.4% after a 5.4% decline) and wholesale sales (up 5.5% after 4.0% growth).
Meanwhile, retail sales dynamics lagged, falling 3.4% after a 1.5% decline in February, while agricultural output growth slowed to 0.1% from 0.6%.
Most key sectors of the Russian economy posted y/y growth in March. March saw y/y growth for the first time in a year. According to Rosstat, in March 2021, industrial production increased by 1.1% y/y, agricultural output grew by 0.1% y/y, construction volumes rose by 0.4% y/y and cargo transportation went up by a solid 3.9% y/y.
The only laggard was retail trade, where volumes dropped by 3.4% y/y. This, however, reflected a major spike in retail volumes a year ago when many Russians rushed to the shops to buy food and staples ahead of the national quarantine.
38 RUSSIA Country Report May 2021 www.intellinews.com