Russia's GDP reported the strongest rise since 2008

The gross domestic product (GDP) of Russia rose 4.6% year-on-year in 2021, the biggest growth since 2008, as per the Ministry of Economic Development.

"In 2021, GDP grew by 4.6%, fully offsetting a decline of 2.7% in 2020. In December, annualized GDP growth remained at high levels: 4.3% year-on-year (after 5.3% YoY in November, 4.9% YoY in October and 4.3% YoY in the third quarter of 2021), despite the high base in December 2020. As a result, relative to the corresponding month of 2019, the economic growth accelerated to 4.6% in December after 3.1% in November," the ministry said.

In the fourth quarter of last year, the GDP grew by 4.8%, according to the ministry.

"The contribution to the economic recovery in 2021 was made by both manufacturing industries and industries focused on consumer demand," it added.

The full-year growth by 4.6% was higher than the ministry's forecast of 4.2% in September.