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. 

(Bloomberg)


Read more

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

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.