Sochi expects economic recovery growth by the end of the year
2021-07-27 05:54

Sochi expects economic recovery growth by the end of the year

Sochi authorities expect economic recovery growth of not less than 104,5% till the end of 2021. Tatyana Makarova, director of the department of economy and strategic development of Sochi's administration, said it was due to the improvement of epidemiological situation and development of domestic tourism.

"The resort's economic turnover exceeded 321.1 billion rubles by the end of 2020. This year, we forecast the recovery growth of the city's economy after the pandemic is not lower than the regional average of 104.5%, starting from the second quarter of this year", - said Makarova.

The administration explained that due to the improvement in the situation with the coronavirus infection, authorities began to gradually lift restrictions.

Since the health resort complex is a basic sector of the economy for the city, this has affected the growth of consumer demand and the development of domestic tourism.

"Half of the volume of turnover is provided by retail trade. At the same time it is the service sector that continues to experience difficulties due to the continuing restrictions. Growth is reflected in transport, real estate and industry," say the authorities.

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Author: Maria Buzanakova