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Rosstat Presents the First Estimate of GDP for 2020

The nominal GDP in 2020 was 106 606,6 billion rubles. The index of its physical volume relative to 2019 is 96.9%, the deflator index is 100.7%.

GDP Production

The 3.1% decline in GDP in 2020 is due to the restrictive measures introduced to combat coronavirus infection and the fall in global energy demand.

Significantly reduced value added in industries focused on serving the population: hotels and restaurants (-24.1%), cultural and sports institutions (-11.4%), transport enterprises (-10.3%), organizations that provide other services to the population (-6.8%).

Unfavourable export conditions and lower energy prices contributed to the decline in the index of physical volume of value added (-10.2%) and the index-deflator of value added (-17.6%) in the extractive industry. The change in prices for petroleum products was one of the reasons for the decline in the index-deflator of the gross value added of manufacturing industries (-0.3%).

Increased demand for financial services led to an increase in value added in finance and insurance (+7.9%).

The increase in utility tariffs affected the growth of the gross value added deflator indices of enterprises providing electricity, gas and steam (+3.9%), water supply, sanitation, and waste disposal (+6.2%).

The growth of the value-added deflator index compared to last year in healthcare (+11.9%), education (+5.5%) and other sectors of the public administration sector is associated with an increase in the average salary per employee in these industries.

The Use of GDP

The dynamics of GDP in 2020 compared to 2019 was affected by a decrease in domestic final demand (-5.0%) and an increase in net exports of goods and services due to a faster reduction in imports (-13.7%) compared to exports (-5.1%).

Final consumption expenditures decreased compared to 2019 (-5.2%). This is due to a drop in consumer demand, mainly for non-food products and services, which affected a decrease in household spending on final consumption (-8.6%).

The final consumption of the public administration sector and non-profit organizations serving households increased compared to 2019 (+3.9%), primarily due to increased spending on health care and other activities related to the fight against the COVID-19 pandemic.

Gross accumulation decreased (-4.2%) due to the accumulation of fixed capital, including valuables (-6.2%). The increase in inventories of working capital increased mainly due to production stocks at enterprises whose economic activity decreased under the imposed restrictions.

The share of net exports of goods and services in the structure of GDP use decreased from 7.6% in 2019 to 4.8% in 2020 due to a drop in the price indices for exported goods (according to the Federal Customs Service of Russia for January – November 2020 compared to the same period in 2019 – by 20.5%, mainly due to fuel and energy products). The share of final consumption expenditures increased from 69.5% to 71.5%, gross savings – from 22.9 % to 23.7%, including gross fixed capital formation – from 21.2% to 21.6%.

GDP by Source of Income

The share of wages in the GDP structure increased from 46.3% to 49.5%. Among the reasons is an increase in payments to health care workers and other industries involved in the fight against the pandemic.

The share of net taxes on production and imports decreased from 11.3% to 10.9% due to a reduction in tax revenues (mainly customs duties) and an increase in subsidies related to government support measures for business.

The share of gross profit decreased, respectively, from 42.4% to 39.6%.

For reference:

The GDP calculation is based on the following information: operational intra-annual data of federal statistical observations on the performance of large and medium-sized enterprises, the report on the implementation of the consolidated budget of the Russian Federation and the budgets of state extra-budgetary funds as of December 1, 2020, the assessment of the balance of payments of the Russian Federation for 2020, foreign trade indices for January-November 2020 according to the Federal Customs Service.

The assessment of economic transactions for which there is no initial information is carried out on the basis of the ratios formed in the previous year and expert assessments.

The volume of GDP, the composition of its components and dynamics will be updated as the necessary information becomes available as per the deadlines set by the Federal Statistical Work Plan.

Detailed information on GDP is provided in the section "National Accounts".

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