Russia's GDP To Shrink By 4,5-4,8% In 2020 - Accounts Chamber
Fahad Shabbir (@FahadShabbir) Published October 25, 2020 | 06:40 PM
PETROPAVLOVSK-KAMCHATSKIY (UrduPoint News / Sputnik - 25th October, 2020) KAMCHATSKIY, Russia, October 25 (Sputnik) - The Russian economy is likely to contract by 4,5-4,8 percent year-on-year in 2020, given the second wave of the pandemic, Accounts Chamber head Alexei Kudrin told the Rossiya 1 channel.
"According to the government, the GDP will fall by about 4 percent. I think that it is closer to 4.5-4.
8 percent, taking into account the second wave, this is foregone production. Now we have the GDP of almost 100 trillion [rubles, which is equivalent to $1.3 trillion], so this is about 4.5 trillion rubles in foregone production. In terms of budget revenues, this may be about 2 trillion rubles in revenues of the entire budget system," Kudrin said.
The Ministry of Economic Development forecasts Russia's GDP decline of 3.9 percent in 2020.
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