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6 January 2022, 09:04

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Photo by E. Samarin.

This figure has exceeded the one trillion dollar mark.

Moscow ranked third among cities in the world in terms of gross domestic product (GDP) at purchasing power parity (PPP) in 2020. This figure has exceeded the one trillion dollar mark. The capital of Russia gave way only to New York and Tokyo, said the Deputy Mayor of Moscow in the Moscow Government for economic policy and property and land relations. Vladimir Efimov.

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

“Moscow has successfully overcome the pandemic year 2020 compared to other major financial centers. According to research by Oxford Economics, the fall in GDP at PPP by 2019 for the Russian capital was only 2.1 percent. This made it possible to bypass Los Angeles in the final ranking, pushing it to fourth place with an indicator of 3.6 percent. It should be noted that according to the same criterion, the economy of London sank by 9.2 percent, Paris – by 7.5 percent, New York – by 4.8 percent, ”said Vladimir Efimov.

According to him, in 2020, the volume of GDP at PPP in Moscow amounted to $ 1.032 trillion. Through effective measures to support business and production, Moscow has managed to minimize losses and prevent downtime of industrial facilities. The economic policy of the Moscow Government has ensured sustainable growth for the metropolis over the past decade, allowing it to overtake many recognized financial centers.

“Since 2016, in terms of GDP in terms of PPP, the Russian capital has risen from the sixth line of the rating with a result of almost $ 850.8 billion to the top three. This result was largely made possible thanks to the support of business and the diversified economy of Moscow, which turned out to be more resilient during the crisis caused by the spread of COVID-19, ”said the Minister of the Moscow Government, Head of the Department for Economic Policy and Development of the Capital

Kirill Purtov.

The PPP GDP indicator grew for Moscow from 2010 to 2020 and in comparable prices by 11.3 percent. This is more than the growth for the same period in the economies of New York (plus 10.6 percent), Paris (plus 4.7 percent) and Tokyo (plus 3.8 percent), according to the Analytical Center of Moscow.

Oxford Economics is an authoritative analytical group working in the field of global forecasting and quantitative analysis. The company researches foreign market trends and evaluates their economic, social and business impact. In particular, it annually presents a rating of the world’s leading megacities, comparing them according to various parameters – macroeconomic, production-consumer and demographic.

More information about the economic policy and property and land relations of Moscow can be found on the site.

EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.

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