The volume of GDP in the I quarter of 2020 amounted to 25317.7 billion rubles. The physical volume of GDP grew by 1.6% compared to the same period of last year. Final consumption expenditures increased by 2.8%, gross capital formation - by 2.6% amid a decrease in net exports of goods and services by 12.1%.
The final consumption growth is mainly associated with an increase in household expenses (+ 3.3%) primarily due to the purchase of goods and financial services (settlement and cash services, money transfers, as well as indirectly measured financial intermediation services).
The growth in gross capital formation was ensured by an increase in gross fixed capital formation (+ 1.8%) and an increase in inventories, primarily in incomplete production sector.
The decrease in net exports was determined by the decline in exports of goods and services (-3.4%) compared with the imports growth (+ 1.1%). According to the Federal Customs Service (FCS) of Russia, the physical volume of exports decreased by 3.4%, which is associated primarily with the reduction of oil and gas exports. Physical volume of imports grew by 1.0%.
The GDP structure in the I quarter of 2020 in comparison with the corresponding quarter of last year is set as follows: the share of net exports of goods and services decreased from 11.0% to 6.7% due to a drop in price indices and the physical volume of exports of fuel and energy products (according to the FCS – (- 12.2%) and (-8.1%) respectively). At the same time, the share of final consumption expenditures increased from 72.6% to 76.0%, gross capital formation – from 16.4% to 17.3%.
The GDP structure, formed by income sources, over the same period has the share of labor remuneration increased from 48.0% to 51.9% due to outstripping growth in labor remuneration compared to GDP as a whole.
The share of net taxes on production and import decreased from 11.8% to 11.3% due to a reduction of export customs duties on energy resources and the taxable base; the share of gross profit decreased from 40.2% to 36.8%, respectively.
For reference
The calculations are based on enterprises operational statistical reports, industry statistics estimated data, as well as data from the Bank of Russia and the FCS.
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