Russia's GDP rose 4.7 percent in 2021, according to preliminary data provided by Russia's Federal Statistics Service on Friday.

The GDP increase was linked to "a revival of production, which was accompanied by an increase in demand for the services of banks and insurance companies," "rising global energy prices," and an increase in prices of residential real estate in the secondary market.

The figure is higher than previous forecasts made by the Russian Ministry of Economic Development, where a rise of 4.6 percent was predicted.

The country's nominal GDP for 2021 amounted to 130.8 trillion rubles (about 1.7 trillion U.S. dollars).