© Reuters. Rosstat has improved the estimate of the decline in RF GDP in the 3rd quarter to 3.4% Rosstat has improved the estimate of the decline in RF GDP in the 3rd quarter of 2020 compared to the 3rd quarter of 2019 to 3.4% from 3.6%, it says in the message of the Federal State Statistics Service (Rosstat). The volume of Russia’s GDP for the 3rd quarter amounted to 27 trillion 941.3 billion rubles in current prices. The GDP deflator index in relation to the 3rd quarter of 2018 amounted to 100.1%. The preliminary estimate of Rosstat was published in mid-November. Refinement of the GDP physical volume index by 0.2 percentage points. compared to the preliminary estimate, it is due to the updating of the primary statistical reporting of enterprises, as well as the receipt of estimates of the banking sector from the Bank of Russia, explains Rosstat. As reported, Russia’s GDP in the 2nd quarter of 2019 fell by 8% in annual terms and grew by 1.6% in the 1st quarter. The volume of GDP for January-September 2020 amounted to 76 trillion 547.2 billion rubles in current prices, having decreased by 3.4% in annual terms. Rosstat has also improved this indicator. Earlier it was reported about a decrease in the RF GDP for 9 months by 3.5%. The Ministry of Economic Development predicts a 3.9% decline in Russia’s GDP in 2020, followed by economic growth by 3.3% in 2021. The Central Bank of the Russian Federation is reviving the fall of the Russian economy by 4-5% in 2020 and a rebound by 3-4% in 2021. A decrease in value added was observed in most sectors “In the third quarter, in most sectors of the economy, there was a decrease in the physical volume of value added compared to the corresponding period last year. The spread of coronavirus infection had a significant impact on the change in the physical volume of value added,” the message says. Rosstat. On the one hand, the added value of hotels and restaurants (-25.9%), cultural and sports institutions (-10.9%), transport enterprises (-9.6%), organizations providing other services to the population (-14 ,nine%). On the other hand, value added increased due to the growth in demand for information and communication services (+ 2.3%), healthcare institutions (+0.8) and banking services in the field of finance and insurance (+ 8.0%). The decline in global demand for energy resources affected the reduction in value added in the extractive industry (-12.3%). In connection with an increase in the yield of grain crops and the sale of agricultural products, the added value in agriculture increased (+ 1.7%). The fall in world prices for energy resources affected the decline in the deflator indices of gross value added in the mining (-12.3%) and manufacturing (-0.8%) industries. The increase in utility tariffs influenced the growth of indices-deflators of gross value added for enterprises providing electricity, gas and steam (+ 1.6%), water supply, sewerage, waste disposal (+ 5.7%). The growth of the value added deflator index versus the corresponding period of last year in public administration (+ 5.9%) and healthcare (+ 15.6%) is associated with an increase in average wages, the statistics department notes.

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