Page 27 - RusRPTOct21

3.0 Macro Economy 3.1 Macroeconomic overview
Rosstat revised its 2Q21 GDP estimates up to 10.5% y/y in the quarter, up from the preliminary estimate of 10.3% y/y. The growth was the highest since the economic bounceback in 2000, following the 1998 financial crisis.
The economy returned to growth in March of this year following contractions in January and February; overall GDP fell 0.7% y/y in 1Q21.
“This put GDP growth in 1H21 at 4.8% y/y. Thereakdowny the production approach showed growth across all sectors in 2Q21, except for public administration and defense, which contracted 0.3% y/y,” Sberbank CIB said.
The most significant growth was registered in the sectors most affected by the pandemic last year: wholesale and retail trade (21.6% y/y), transportation and storage (19.0%), hotels and restaurants (109.2%), manufacturing (10.5%), construction (10.3%), and culture and sports (34.5%).
Growth was also solid in mining and quarrying (7.6%) and the financial
27 RUSSIA Country Report October 2021 www.intellinews.com