Russia's GDP Grew In March By 0.5% Year-on-Year, First Growth Since March 2020 - Ministry

Russia's economy grew by 0.5 percent year-on-year in March for the first time since March 2020, according to the Economic Development Ministry's review released on Tuesday

MOSCOW (Pakistan Point News / Sputnik - 20th April, 2021) Russia's economy grew by 0.5 percent year-on-year in March for the first time since March 2020, according to the Economic Development Ministry's review released on Tuesday.

"According to the Russian Ministry of Economic Development, in March 2021, GDP rates turned positive for the first time since the end of the first quarter of last year and amounted to 0.5% yoy (after a 2.5% yoy decrease in February, 2.2% yoy decrease in January). In the first quarter, the decline in GDP slowed down to 1.3% year-on-year," the document says.

According to Rosstat, the decline in Russia's GDP in the fourth quarter of 2020 slowed down to 1.8 percent on an annualized basis after falling by 3.5 percent in the third quarter. Last year, Russia's GDP was down 3 percent.