the Head of Minpromtorg Denis Manturov admits that industrial production in Russia by the end of this year could be reduced by 8.6%. He did not rule out in an interview to the newspaper “Vedomosti”.
As the Minister said, in the underlying forecast of economic development in the current year is expected to decline in industrial production of about 5.2%, manufacturing industry — by 2.8%.
“We coincide with the position of the Ministry of economic development. However, the decline in industrial production for the year could be stronger: 8.6% overall and 13.2% in the manufacturing sector”, — quotes TASS of the Minister of trade and industry.
According to him, the restoration of industry to the level of 2019 may 2021, but much depends on consumer demand, as well as further “behavior” coronavirus infection COVID-19 and associated with the pandemic restrictive measures.
Note that, according to Rosstat, industrial production in Russia has decreased in may 2020 9.6% yoy after declining 6.6% in April. However, in comparison with the previous month decline in industrial production in the country slowed to 5.5% after a decline of 9.2% in April. With the exception of seasonal and calendar factors, the index fell in may by 1.3%.
For the first 5 months of this year industrial production decreased by 2.4% in annual terms.
Rosstat, in particular, pointed out that in may the volume of mineral production fell by 13.5% yoy (YTD — 3.4%), and the volume of output in manufacturing industries fell by 7.2% (for 5 months from the beginning of the year — 1.4%).
let’s Add that the Russian economy in February—March 2020 was under the powerful impact of two negative factors — the rapid spread of the pandemic coronavirus infection COVID-19 and its deleterious effect on the global economy and the collapseand oil prices. Against this background, the rouble significantly depreciated against the dollar and the Euro. Reacting to the situation, the government and the Bank of Russia adopted several packages of measures to support the economy and citizens.
may 11, Russian President Vladimir Putin announced the end of may 12, a single period of days off, entered March 30, in the fight against COVID-19.
on 2 June Prime Minister Mikhail Mishustin reported on the nationwide state plan for the recovery of the Russian economy in 2020-2021 years, noting in particular that the cost of the plan will amount to about 5 trillion roubles. June 19, Putin was sent a revised draft of the national plan.
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