The Moscow City Hall expects a decline in the capital’s economy by 3-4% this year

According to preliminary estimates by the Moscow authorities, the fall of the capital’s economy this year will be 3-4% due to a slowdown in growth in several industries, reported in an interview RBC Deputy Mayor of the city Vladimir Efimov.

“Preliminarily, according to our estimates, by the end of 2022, the decline in the Moscow economy will be in the region of 3-4%, if we take the gross regional product. The main reasons for the decline are the slowdown in a number of sectors of the economy in March-June and early July,” he said.

The biggest downturn was in the “virtually shut down” automotive and related industries, Yefimov says. In addition, a slight drop is also observed in trade in non-food products and cars. In other areas, the situation is favorable, the official added.

“Nevertheless, negative factors will still affect economic growth. Plus, high inflation – GRP is measured in real terms,” Yefimov said.

At the end of July, the Ministry of Economic Development estimated the decline in Russia’s GDP in the II quarter by 4% compared to the same period last year, and for the first half of the year – by 0.5%. By words Minister of Economic Development Maxim Reshetnikov, the situation as a whole is better than predicted in the spring.

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