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Manufacturing, IT, construction to become economic growth drivers in 2021-2023

According to Russia’s social and economic development outlook for 2021 and the planned period of 2022 and 2023, growth rates in the base sectors (excluding mineral production) will rise to 3.6-4.1% in 2021-2023 after a decrease of 5.3% in 2020

MOSCOW, September 27. /TASS/. The sectors ensuring investment expansion, export-oriented manufacturing industries, IT, construction and transport sectors are expected to become Russia’s economic growth drivers in 2021-2023, according to the country’s social and economic development outlook for 2021 and the planned period of 2022 and 2023 presented by the Economic Development Ministry.

"In terms of sectors, economic growth drivers in 2021-2023 will be sectors ensuring the investment development pattern, export-oriented manufacturing sectors, IT, construction and transport sectors, as well as real estate and professional services," according to the outlook.

Growth rates in the base sectors (excluding mineral production) will rise to 3.6-4.1% in 2021-2023 after a decrease of 5.3% in 2020. Meanwhile export-oriented sectors (chemical industry, food sector, wood processing) will become growth leaders. Moreover, the increasing investment activity coupled with a surge of non-commodities and non-energy exports, will support accelerated development of engineering.

"That said, growth rates in the extracting industry will be moderate in 2021 - 1.2% (in 2020 - decrease by 8.4%) amid the influence of weak external demand and the current terms of the OPEC+ deal through 2022," the ministry said. It expects growth rate in the extracting industry to speed up to the peak level of 4.7% in 2022 amid the projected growth of crude oil production with further stabilization.

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