Page 50 - RusRPTOct20

is due to the Central Bank of Russia (CBR) halting gold purchases in the summer, and the output of aluminium slowed to ​11.7% y/y, from the previous ​2.4% y/y.
Russia’s Economic Development Ministry projects a decrease of 1.5% in manufacturing for 2021, and annual growth of over 3% for 2021-2023​, according to the country’s social and economic development outlook for 2021 and the planned period of 2022 and 2023 presented by the Economic Development Ministry, ​TASS ​reports. “Manufacturing will decrease more moderately – by 1.5%. Meanwhile, the decrease in the sectors focused on investment demand and consumer durables production will be partially offset by expansion of essential products output (food, drugs, etc.). In 2021-2021 a gradual recovery of industrial production is expected,” according to the outlook. Growth of manufacturing is expected to reach 3.1% in 2021, 2% in 2022, and 3.3% in 2023.
50 ​RUSSIA Country Report​ October 2020 ​ ​www.intellinews.com