The fall in Russia's GDP in Q3 2020 was not 3.6%, but 3.4%. Rosstat improved its assessment of the
state of the economy after clarifying the reporting of enterprises and the assessment of the banking
sector from the Bank of Russia.
One of the reasons for the positive revision was the increase in the added value of banking services in
the field of finance and insurance, which amounted to 8%. This is due to the transition of citizens to the
stock market. In connection with the fall in deposit rates, Russians began to pay attention to stocks and
bonds, the more they are actively advertised on the Internet. This year, Russia's GDP will lose no more
than 5%.
According to the official forecast of the Ministry of Economic Development, Russia's GDP in 2020 will
decrease by 3.9%. The head of the Accounts Chamber Alexei Kudrin expects a fall of 4.5%. Earlier, a
study by the audit and consulting network FinExpertiza showed that in April-June 2020, the real
disposable income of Russians (taking into account inflation and excluding mandatory payments) was
8.4% lower than in 2019, and in July-September - by 4.8%. The situation was worse only in 1999 in
Russia.
Source: www.lenta.ru
