Rosstat presents the first GDP estimate for 2021

The nominal volume of GDP in 2021 amounted to 130,795.3 billion rubles. Its physical volume index compared to 2020 reaches 104.7%, the deflator index is 116.4%

GDP production

In 2021, production increased in practically all sectors of the economy.

Compared to 2020, the largest growth in added value was shown by:

• hotels and restaurants (+24.1%);
• water supply, wastewater disposal, collection and disposal of waste, environmental pollution reduction (+13.8%);
• culture and sports (+8.4%);
• wholesale and retail trade (+8.1%);
• information and communications (+8.1%);
• transportation and storage (+7.8%);
• other services to the population (+6.9%);
• electricity, gas and steam supply (+6.1%);
• construction (+5.8%);
• manufacturing industries (+4.6%);
• mining (+4.2%).

The recovery of output was accompanied by increased demand for services of banks and insurance companies, which led to an increase in added value in the finance and insurance sectors (+9.2%).

The growth of the GDP deflator index (+16.4%) was caused by higher energy prices in the world. In particular, it is the increase of the deflator indices of gross added value in the extractive industries by 1.5 times (+57.1%), and by a quarter (+25.5%) in the manufacturing industries.

The increase in prices for residential real estate in the secondary market affected the deflator index of the gross added value of the real estate industry (+16.7%).

The increase in the deflator index of the gross added value of the wholesale and retail trade industry (+15.7%) was mainly due to the growth of wholesale trade prices (+20.3%), in particular, trade in solid, liquid and gaseous fuels.

Compared to 2019, the index of physical volume of GDP increased by 1.9%, while the deflator index - by 17.1%.

Most industries exceeded 2019 levels:

• water supply, wastewater disposal, collection and disposal of waste, environmental pollution reduction (+14.3%);
• information and communications (+10.1%);
• wholesale and retail trade (+5.2%);
• manufacturing industries (+5.1%);
• construction (+3.6%);
• electricity, gas and steam supply (+3.2%).
• other services to the population (+0.8%).

GDP use

The dynamics of GDP and its components in 2021 as compared to 2020 are conditioned by the recovery of the economic activity.

Within the GDP, final consumption increased by 7.1%, gross capital formation increased by 8.7%, net exports of goods and services decreased due to the faster growing imports (+16.7%) compared to exports (+3.2 %).

The growth in final consumption is associated with a noticeable rise in consumer demand; household expenditure on the final consumption of goods and services increased by 9.6%.

The increase in gross capital accumulation by all types of capital was caused by the growth of investment activity of enterprises. Fixed capital formation, including growth in valuables, increased by 7.0%.

The outpacing growth of imports over exports has developed both due to foreign trade in goods and services. Federal Customs Service data shows that the growth of imports (+ 16.7%) in 2021, compared to 2020, was mainly affected by the increase in imports of machinery, equipment, products of the petrochemical and chemical industries, while exports (+0.1%) demonstrated a stable dynamic.

As compared to 2020, in the GDP structure, final consumption expenditures decreased from 71.2% to 67.9% in 2021, while gross capital formation decreased from 23.6% to 22.5%. The rise in net exports was from 5.2% to 9.6%. The changes in the GDP structure were related to a considerable growth in prices for exported fuel and energy goods.

GDP by the source of income

Changes in the structure of GDP, which is characterized by the sources of income of production participants, compared with 2020, are associated with the recovery of production activity. Gross profits increased from 43.8% to 48.3%, net taxes on production and imports increased from 10.0% to 10.6%, wages decreased from 46.2% to 41.1%.

For reference

The calculation of GDP is based on the following data: Federal statistical observations on the activity of large and medium-sized enterprises, the report on consolidated budget execution of the Russian Federation and budgets of state extra-budgetary funds as of January 1, 2022, and the assessment of the indicators of the balance of payments of the Russian Federation for 2021, foreign trade indices for January-December 2021 according to the Federal Customs Service.

The evaluation of economic transactions for which there is no source data is based on the correlations prevailing in the previous year and expert estimates.

The volume of GDP, the composition of its components and dynamics will be specified as the necessary information becomes available in accordance with the deadlines determined by the Federal Plan of Statistical Works.