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Russia’s GDP falls 12% in April, 1.9% in January–April

Christian Fernsby ▼ | May 29, 2020
Russia’s gross domestic product (GDP) fell 12% on the year in April and 1.9% in January–April, the Economic Development Ministry said.
Russia street
GDP   Russia street
“The introduction of a non-working day regime on the territory of Russia from March 30 in order to combat the spread of a new coronavirus infection, as well as the preservation of negative foreign economic conditions and quarantine measures in the trading partner countries, led to a decrease in economic activity in both basic industries and the services sector,” the ministry said.

Topics: Russia GDP

“The largest decline in April was seen in sectors of the economy focused on consumer demand. A significant contribution to the decrease in GDP in April was made by the fall in the sphere of consumer services. The volume of paid services provided to the population fell in April by 37.9% on the year (-5.4% year-on-year a month earlier), which is connected with restrictions on activities in the field of leisure, culture and sports, as well as domestic services,” the statement said.