Russia’s manufacturing to drop by 1.5% in 2021

According to the Russia’s Economic Development Ministry, the manufacturing is expected to drop by 1.5% in 2021 and growth of over 3% in 2021-2023. “Manufacturing will decrease more moderately – by 1.5%. Meanwhile, the decrease in 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 Ministry. Growth of manufacturing is expected to reach 3.1% in 2021, 2% in 2022, and 3.3% in 2023.