World

Russia's GDP down 3.1 pct in 2020

The Russian economy declined by 3.1 percent in 2020 in part due to pandemic-induced restrictions, preliminary data published by Russia's Federal Statistics Service (Rosstat) showed on Monday.

People wait to receive COVID-19 vaccine at a department store in Moscow, Russia, on Jan. 22, 2021. (File photo: Xinhua)
People wait to receive COVID-19 vaccine at a department store in Moscow, Russia, on Jan. 22, 2021. (File photo: Xinhua)

"The decrease in GDP in 2020 by 3.1 percent is associated with the imposed restrictive measures aimed at combating the coronavirus infection and a drop in global demand for energy resources," Rosstat said in a statement.

The figure is lower than previous forecasts made by the Russian Ministry of Economic Development, where a decline of 3.9 percent was predicted.

According to Rosstat, the country's nominal GDP for 2020 amounted to RUB106.61 trillion (about U$1.40 trillion).

Xinhua