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Russia's GDP is still below potential, despite recovery to pre-pandemic level - aide

That means that a couple more steps in the recovery need to be done, aide to the President of Russia Maxim Oreshkin said

Russian Presidential Aide Maxim Oreshkin Vladimir Smirnov/TASS

Russian Presidential Aide Maxim Oreshkin

© Vladimir Smirnov/TASS

MOSCOW, July 31. /TASS/. Russia's GDP level has recovered to a pre-crisis level, but is still below potential, aide to the President of Russia Maxim Oreshkin said in an interview with the Rossiya 24 TV channel.

"From the point of view of [economic] recovery, it has not yet been completed, although our GDP level has recovered to the pre-crisis level, it is even lower than the potential level. That means that a couple more steps in the recovery need to be done," he said.

Earlier this week, Economic Development Minister Maxim Reshetnikov said that the Russian economy in June 2021 exceeded the pre-covid level of the furth quarter of 2019 by 0.1%.

Earlier, the Federal Statistics Service (Rosstat) 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.

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