Support The Moscow Times!

Drought’s Toll on GDP

Russia’s worst drought in half a century cost the economy at least 0.4 percentage point this year, Deputy Economic Development Minister Andrei Klepach said Tuesday.

Without the drought, gross domestic product could have expanded 4.4 percent to 4.7 percent this year, Klepach told reporters. The ministry is maintaining a previous 4 percent GDP growth forecast, he said.

Klepach also said the economy expanded 2.5 percent in July compared with the same month last year, while shrinking 0.3 percent from the previous month. 


Read more

Independent journalism isn’t dead. You can help keep it alive.

As the only remaining independent, English-language news source reporting from Russia, The Moscow Times plays a critical role in connecting Russia to the world.

Editorial decisions are made entirely by journalists in our newsroom, who adhere to the highest ethical standards. We fearlessly cover issues that are often considered off-limits or taboo in Russia, from domestic violence and LGBT issues to the climate crisis and a secretive nuclear blast that exposed unknowing doctors to radiation.

As we approach the holiday season, please consider making a one-time donation — or better still a recurring donation — to The Moscow Times to help us continue producing vital, high-quality journalism about the world’s largest country.