Russian economy saw worst drop in 2020
02.02.2021,
11:32
Russia's economy contracted by 3.1 per cent in 2020 due to coronavirus lockdowns and a drop in global crude oil prices, RBC reported.
YEREVAN, February 2. /ARKA/Russia's economy contracted by 3.1 per cent in 2020 due to coronavirus lockdowns and a drop in global crude oil prices, RBC reported. However, the contraction was less severe than Russian central bank's forecast of about 4 per cent.
According to Rosstat statistics agency, Russia's GDP was worth last year 106.6 trillion rubles.
Rosstat said the largest losses were recorded in the hospitality, transport, culture and sport sectors. Last year's drop was the worst over the last 11 years. In 2009 the economy slashed by 7.8%.
Before the pandemic hit Russia in March, its economy had grown by 1.6 per cent in the first quarter from the same period in 2019. -0-
