The impact of coronavirus on the Russian economy is assessed: State Economy: Economy: Lenta.ru

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Rosstat assessed the degree of impact of the coronavirus pandemic on the Russian economy. GDP in the second quarter decreased by 8.5 percent in annual terms, it follows from statistics, published on the website of the department.

Rosstat data turned out to be more positive in comparison with the version of the Ministry of Economic Development (a decline of 9.6 percent) and the Central Bank (from 9.5 to 10 percent). When calculating GDP for the second quarter, the department used the value added method – it summed up all the added value created at Russian enterprises from April to June. This approach is currently the most widespread in the world.

At the same time, the required efficiency did not allow taking into account the performance of small businesses – the assessment concerns only large and medium segments. The authors proceeded from the calculation that the rates of development of small businesses are similar.

The only sector of the economy that managed to avoid a fall in the second quarter is agriculture. Its result in three months increased by 3.7 percent. Industry fell by 8.5 percent, mining – by 10.3 percent, retail turnover – by 16.6 percent, transport passenger traffic – by 79 percent, public catering – by 48.9 percent.

In the first quarter of 2020, Russian GDP increased by 1.6 percent in annual terms.

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