Moscow ranked third among the world's cities in terms of gross domestic product (GDP) at purchasing power parity (PPP) in 2020. This figure crossed the $1 trillion mark, said Deputy Mayor Vladimir Yefimov. The Russian capital is second only to New York and Tokyo.

"Moscow was quite successful in overcoming the pandemic year of 2020 compared to other major financial centers. According to research by Oxford Economics, the fall in GDP by PPP to 2019 for the Russian capital was only 2.1%. This allowed it to surpass Los Angeles in the final ranking, pushing it to the fourth line with a 3.6% figure. It is worth noting that by the same criterion the economy of London sagged by 9.2%, Paris - by 7.5%, New York - by 4.8%", - said Yefimov (his words cited on the portal of the mayor's office mos.ru).

According to him, in 2020, the GDP volume by PPP in Moscow was 1.032 trillion dollars. He explained that Moscow has managed to minimize losses and prevent idle industrial capacities through effective measures of business and production support.

The head of the department of economic policy and development of the capital, Kirill Purtov, noted that since 2016, the Russian capital has risen from sixth place in the rating with a result of almost 850 billion dollars to the top three in terms of GDP at PPP

"This result was largely possible thanks to the support of business and the diversified economy of Moscow, which proved more resilient during the crisis caused by the spread of covid-19," he explained.

According to the mayor's office, Moscow's GDP indicator in PPP rose from 2010 to 2020 and in comparable prices by 11.3%. This is more than the growth of the economies of New York (plus 10.6%), Paris (plus 4.7%) and Tokyo (plus 3.8%) over the same period.

Purchasing power parity refers to the ratio of currencies of different countries based on the prices of the same goods in those states. The PPP is a relative indicator and is used for international economic comparisons.

Oxford Economics is a respected analytical group working in the field of global forecasting and quantitative analysis. It researches external market trends and assesses their economic, social, and business impact. In particular, it annually presents a rating of the leading cities in the world, comparing them by various parameters - macroeconomic, industrial-consumer and demographic.

Made in Russia

Author: Karina Kamalova