Russia’s Manufacturing Expected to Drop by 1.5% in 2021

Russia’s Economic Development Ministry projects a decrease of 1.5% in manufacturing for 2021, and annual growth of over 3% for 2021-2023, according to the country’s social and economic development outlook for 2021 and the planned period of 2022 and 2023 presented by the Economic Development Ministry, TASS reports.

“Manufacturing will decrease more moderately – by 1.5%. Meanwhile, the decrease in the sectors focused on investment demand and consumer durables production will be partially offset by expansion of essential products output (food, drugs, etc.). In 2021-2021 a gradual recovery of industrial production is expected,” according to the outlook.

Growth of manufacturing is expected to reach 3.1% in 2021, 2% in 2022, and 3.3% in 2023.