Russian GDP Up 10.3%, Is The European Union’s Third Largest Supplier

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Russia’s economy rebounded in Q2 2021, as the country recovers from the effects of the coronavirus pandemic, official figures showed on Friday. GDP grew by 10.3% compared to the same period last year, with strong gains in passenger transport, retail trade and mining, according to the federal statistics agency. The economy had contracted in the first three months of this year.

Russia imposed just one lockdown in spring 2020 but has kept its economy open since then. That limited last year’s economic contraction to just 3.1%, faring better than European countries that imposed more and longer lockdowns.

The European Union also imported €67.4 billion (US$79.5 billion) worth of Russian goods in the first half of 2021, ranking third on the list of EU’s largest suppliers, according to statistics agency Eurostat.

Russian exports to the EU grew by 35.6% compared to the same period in 2020. China and the United States were the top two exporters to the EU, sending goods valued at US$246.8 billion and US$129.4 billion respectively. The EU’s total volume of imports increased by about 14% to US$1.14 trillion as consumer demand continues to recover.

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Russia Briefing is written by Dezan Shira & Associates. The firm has 28 offices throughout Eurasia, including China, Russia, India, and the ASEAN nations, assisting foreign investors into the Eurasian region. Please contact Maria Kotova at russia@dezshira.com for Russian investment advisory or assistance with market intelligence, legal, tax and compliance issues throughout Asia.

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