New Year holidays cost Russian economy $16 bln

Credit: Ilya Naimushin | RIAN

Russia‘s economy suffered total losses of RUR 1 tln ($16.3 bln) during the New Year holiday week, with the daily loss estimated at RUR 120-150 bln ($), economists said.

The holidays lasted from January 1 through January 8. December 31 was the last working day in 2019; in certain regions, local authorities made it a day-off.

Upon a request by the news site, analysts assessed losses incurred during the holidays. They noted that half of companies did not operate during this period while a number of production facilities worked shorter hours. This led to plant production reduced by 15-20%.

Considerable losses occurred due to manufacturing facilities closed during the period. Overall, the New Year holidays led to Russia’s economy losing 1.5% of the monthly GDP.       

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