Russia’s GDP rose 4.7 per cent in 2021, according to preliminary data provided by the country’s Federal Statistics Service.
The GDP increase was linked to “a revival of production, which was accompanied by an increase in demand for the services of banks and insurance companies”, “rising global energy prices”, and an increase in prices of residential real estate in the secondary market, reports Xinhua news agency.
The figure is higher than previous forecasts made by the Russian Ministry of Economic Development, where a rise of 4.6 per cent was predicted.
The country’s nominal GDP for 2021 amounted to 130.8 trillion rubles ($1.7 trillion).