MOSCOW, September 27. /TASS/. Domestic demand will become the main source of GDP growth in 2021-2023, according to Russia’s social and economic development outlook for 2021 and the planned period of 2022 and 2023 presented by the Economic Development Ministry.
"Domestic demand will remain the main source of GDP growth in 2021-2023. Growth rates of final consumption expenditures of households after recovery growth of 5.2% in 2021 will reach the level of around 3%," according to the outlook.
The structure of GDP use will experience major changes in 2020-2023 influenced by the measures aimed at resetting the investment cycle, restructuring households’ consumption and transforming the foreign trade pattern, the ministry noted.
"Starting 2021, growth of fixed investment is expected to speed up to the level above economic growth rates, which is reflected by the rising share of gross fixed capital formation in 2021-2023," the outlook said.