Manturov admitted the industry downturn of 8.6% for the year

By the end of 2020, industrial output in Russia may decrease by 8.6%. The head of Minpromtorg Denis Manturov said in an interview with “Vedomosti”.

The government had not yet approved the forecast of socio-economic development of Russia taking into account a pandemic crisis, but on may 21, the economic development Ministry presented the forecast according to which by the end of this year, industrial production fell by 5.4%. Thus then it was expected that in 2021, and in 2022, the industry will reach the growth rate of 3.3%. In June, as it became known to RBC, the Agency has revised some of the parameters of the forecast.

As reported by “Vedomosti” Manturov, now, according to the baseline forecast of economic development, industrial production in 2020 will be reduced by approximately 5.2%, while in manufacturing it will decrease by 2.8%.

“We coincide with the position of the Ministry of economic development. However, the decline in industrial production for the year could be stronger by 8.6% overall and 13.2% in the manufacturing sector”, — said Manturov.

The Minister noted that the scenario in which the authorities to act depends on the General economic situation and how will develop the situation with coronavirus and associated restrictions. According to Manturov, great importance will have a consumer demand. Restoration of the industry to the level of 2019, the Minister said, the government is expected in 2021.