Page 36 - RusRPTAug21

3.0 Macro Economy 3.1 Macroeconomic overview
The Russian economy surpassed pre-COVID-19 levels in 2Q21, with the country’s 1H21 growth estimated at 4.6% YoY and its 2Q21 growth at 10.1% YoY, according to the Ministry of Economic Development.
While some sectors have experienced constraints (e.g. OPEC+ and COVID-19-related restrictions), the growth in non-constrained sectors points to a moderation in growth rates. The momentum from stronger production and consumption has translated into higher incomes and lower unemployment. We expect the momentum to fade in 2H21 as consumption stabilizes following the spending of excess savings, as well as due to lower loan growth.
The coronavirus epidemic cost the Russian economy a trillion rubles in 2020, according to the Rospotrebnadzor study on the condition of sanitary and epidemiological well-being of the population. This figure excludes the loss of non-produced gross national product as a result of “deaths, permanent and temporary disabilities”The cost of the damage was 997.06 billion rubles. According to Rospotrebnadzor, this is 1.4 times more than the overall harm caused by other infectious illnesses. About 183 billion rubles of this amount
36 RUSSIA Country Report August 2021 www.intellinews.com