Page 32 - RusRPTSept21

3.0 Macro Economy 3.1 Macroeconomic overview
Russia’s economy put in faster than expected growth in the second quarter of this year, posting 10.3% y/y, better than expected, according to preliminary data released by Rosstat on August 17.
Russia’s GDP was up 1.3% vs. 4Q19, although it is still 3ppts below pre-COVID-19 trend levels. Previously the Central Bank of Russia (CBR) said that the economy had caught up to its pre-COVID levels in the first half of this year after growing 4.6% in the first six months of the year.
“Going into 2H21, we expect growth to slow to 0.7% SA q/q in 2H21, the same rate as in 2018-19, which is still better than the long-term potential (2% y/y, or 0.5% SA q/q),” Sova Capital said in a note.
32 RUSSIA Country Report September 2021 www.intellinews.com