Economics
Russia’s Economy Grew 4.7% in 2021, Quickest Pace Since 2008
- GDP growth beats most economists’ expectations of 4.5%
- Expansion seen slowing this year as pandemic rebound fades
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The economy of the world’s top energy exporter grew the most in more than a decade in 2021, rebounding from a pandemic-linked recession the year before as oil prices jumped and consumer spending grew.
Russian gross domestic product rose 4.7% last year, the fastest since 2008, according to the Federal Statistics Service. That was above the 4.5% forecast in a Bloomberg survey. Government stimulus as well as the global economic recovery and rising oil prices last year lifted growth. In 2020, the economy had contracted 2.7% amid Covid-19 restrictions.