Russian finance ministry expects GDP growth above 4% in 2021, says newspaper

The ministry expects inflation in Russia to substantially exceed 5% by the yearend

MOSCOW, August 4. /TASS/. The Russian Finance Ministry projects GDP growth above 4% in 2021, whereas inflation will substantially increase 5%, according to the ministry’s estimations, Vedomosti daily wrote on Wednesday with reference to a letter by Deputy Finance Minister Vladimir Kolychev addressed to Deputy Prime Minister Dmitry Grigorenko.

The Finance Ministry does not share the outlook of the Economic Development Ministry that expects up to 3.8% GDP growth in 2021 and inflation at 5%.

“The trajectory of recent months indicates even more optimistic recovery dynamics and a possible acceleration of economic growth rates above 4% per annum,” Kolychev was quoted by the paper.

Moreover, the ministry expects inflation in Russia to substantially exceed 5% by the yearend, according to the letter.

Earlier, the Bank of Russia said that inflation is projected at 5.7-6.2% by the end of 2021.

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