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Russian Bureau of Statistics: Russia’s GDP fell by 3.1% in 2020

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According to the Russian Sputnik News Agency on February 2, the Russian Federation Statistics Bureau released a message on February 1 that according to preliminary evaluation, Russia’s GDP fell by 3.1% in 2020.

“According to preliminary estimates, Russia’s GDP in 2020 reached 106.606 trillion rubles (about 140.8 billion US dollars).” the document said.

According to the report, the preliminary assessment data of Russia’s GDP decline is better than the official forecast of the Russian Ministry of Economic Development for a 3.9% decline.

Russian Minister of Economic Development Leshetnikov said at the end of December that the economic downturn may reach 3.8%.

Russia’s GDP decline in 2020 during the coronavirus outbreak was slightly higher than in 2015 (2%), but lower than in 2009 (7.8 percent).

According to the Russian Federation Statistics Bureau, the decline in GDP in 2020 is related to the implementation of restrictions to combat the novel coronavirus epidemic and the decline in global energy demand.

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