KAZAN, July 28. /TASS/. Russia’s economy exceeded the pre covid level of the fourth quarter of 2019 by 0.1% in June 2021, Economic Development Minister Maxim Reshetnikov said on Wednesday.

He was speaking at the 12th International Economic Summit "Russia-Islamic World: KazanSummit 2021".

"The latest statistics show that in June the Russian economy exceeded the pre-covid level, which is the level of the fourth quarter of 2019. It is up 0.1% in comparison to the peak that was registered before the pandemic. Moreover, the pace of recovery is good, economic growth in the number of industries is overwhelming," Reshetnikov said.

According to him, the current economic situation is encouraging.

"With the economic growth ahead of us, we have improved our estimates of economic growth for the year, and now we will conduct further analysis. The current situation is quite encouraging," the minister said.

Earlier, the Federal Statistics Service reported that GDP lost 1% in Q1 2021, according to preliminary estimates. In 2020, Russia’s GDP rose by 1.4% in Q1, after which the decline started - by 7.8% in Q2, by 3.5% in Q3, and 1.8% in Q4, according to the service. Total GDP contraction amounted to 3% last year, Rosstat said in its revised estimation.

Earlier it was reported that the Economic Development Ministry expects Russia’s GDP to gain 2.9% this year, 3.2% in 2022, and 3% in 2023.