The Russian Ministry of Economic Development says it has noted slow growth recovery of the Russian economy.
The Minister, Maxim Reshetnikov said on Thursday that the situation would become clearer after statistics for July were obtained.
“We are still quite cautious about the growth estimates, as we currently see some signs of a slowdown in the recovery growth.
“The data cleared of all seasonality has shown this. Let us wait for July’s data. I believe this will determine the results of the year,’’ Reshetnikov told reporters.
On the one hand, the June data showed that the national economy was surging to the levels of the fourth quarter of 2019, according to the minister.
“On the other hand, we understand that our oil production has not yet recovered according to OPEC+, our air traffic is not so active yet.
“We see that in catering and services, not everything has recovered either.
“There is a potential for recovery, but the pace of this recovery is slowing down. We will look at July’s data and draw some conclusions then,’’ Reshetnikov said.
The minister added that tourism recovery was another important factor influencing the economy.
“This ‘locked demand’ largely supported domestic markets. And now the mix of all these factors can cause a certain ‘cooling’ of the economy by the end of the year,’’ Reshetnikov concluded. (Sputnik/NAN)
