Russia suffered a smaller contraction than most major economies in 2020 after the government opted not to reimpose a lockdown in the second half of the year.

Gross domestic product contracted 3.1 percent last year, the biggest slump since 2009, Russia's Federal Statistics Service said Monday. 

The contraction was softer than expected by economists, who forecast a 3.7 percent drop in a Bloomberg survey. The Economy Ministry had projected a decrease of 3.9 percent.

Most of the economic hit came in the first half, when the government imposed a strict lockdown and global oil demand slumped due to travel restrictions. 

Later in the year most parts of the economy were left open even as coronavirus virus cases soared. The country is on track for its deadliest in more than a decade.

"Russia's economy looks resilient, but GDP doesn't capture the full cost of the pandemic. A long and brutal second wave has taken a tremendous human toll."

Russia's 2020 contraction is set to be about half that of the euro area economy, which is forecast to shrink 7.3 percent. 

The price of oil, Russia's main export earner, has risen by more than 40 percent since the beginning of November and the economy is forecast to grow about 3 percent in 2021, according to another Bloomberg survey.

(With input from agencies)