Russian GDP Up 10.3%, Is The European Union’s Third Largest Supplier
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.
Related Reading
About Us
During these uncertain times, we must stress that our firm does not approve of the Ukraine conflict. We do not entertain business with sanctioned Russian companies or individuals. However, we are well aware of the new emerging supply chains, can advise on strategic analysis and new logistics corridors, and may assist in non-sanctioned areas. We can help, for example, Russian companies develop operations throughout Asia, including banking advisory services, and trade compliance issues, and have done since 1992.
We also provide financial and sanctions compliance services to foreign companies wishing to access Russia. Additionally, we offer market research and advisory services to foreign exporters interested in accessing Russia as the economy looks to replace Western-sourced products. For assistance, please email russia@dezshira.com or visit www.dezshira.com
