The Gross Domestic Product (GDP) in Russia expanded 1.40 percent in the first quarter of 2025 over the same quarter of the previous year. This dataset provides the latest reported value for - Russia GDP Annual Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

In the first quarter of 2024, the real gross domestic product (GDP) of Russia grew by 5.4 percent compared to the same quarter of the previous year. The decline in GDP recorded between the second quarter of 2022 and the first quarter of 2023 was related to the economic impact of the war in Ukraine, in response to which Western countries imposed sanctions on Russia. However, the recent monthly GDP growth data reflects the resilience of the economy in the face of external pressure in the short term. GDP refers to the total market value of all goods and services produced within a country. It is an important indicator of economic strength. Real GDP is adjusted for price changes and is therefore regarded as a key indicator for economic growth. Trade with China has eased the sanctions’ pressure The dynamic trade relationship with China has likely played a key role in bolstering Russia's economic recovery, contributing to an over-three-percent GDP growth estimated for 2024. The importance of trade partnerships and their impact on GDP growth is underscored by the example of China's influence on both Russia's imports, especially of technology and equipment, and exports, particularly of fossil fuels. Russian economic growth in the global context Amid the global economic challenges posed by the COVID-19 pandemic and geopolitical disruptions such as the war in Ukraine, Russia's annual GDP growth was close to the global one, which was forecast to reach approximately 3.2 percent in 2024. Moreover, Russia was expected to become the fourth-fastest-growing economy in the G20 in that year, following India, Indonesia, and China.

Russia's gross domestic product (GDP) was estimated to have increased by 1.9 percent in April 2025 compared to the same month of the previous year. In April 2023, the monthly GDP growth was positive for the first time since March 2022. In April 2020, the country’s GDP fell by nearly 10 percent as a result of the crisis caused by the coronavirus (COVID-19) pandemic as well as the oil price crash. Russian economy outlook for 2025 Russia’s annual GDP was projected to increase by 1.35 percent in 2025. The level of prices in the country was expected to continue growing, with the inflation rate forecast at 4.7 percent in that year. Post-pandemic economic recovery in selected countries Countries across the world saw a sharp decrease in GDP in 2020 due to the COVID-19 pandemic. In 2023, the European Commission foresaw an increase in all European Union (EU) members' GDP, ranging from the lowest of 1.1 percent in Sweden and Italy to the highest of 5 percent in Ireland. In Latin America, the most significant increase in GDP was recorded in Peru, at 5.2 percent in 2022.

Full Year GDP Growth in Russia increased to 4.10 percent in 2024 from 3.60 percent in 2023. This dataset includes a chart with historical data for Russia Full Year Gdp Growth.

The Gross Domestic Product (GDP) in Russia was worth 2021.42 billion US dollars in 2023, according to official data from the World Bank. The GDP value of Russia represents 1.92 percent of the world economy. This dataset provides the latest reported value for - Russia GDP - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

The gross domestic product (GDP) of Russia reached nearly 2.2 trillion U.S. dollars in 2024, having increased from the previous year. In the period between 2025 and 2030, the country's economy was expected to continue growing. GDP refers to the total market value of all goods and services that are produced within a country per year. It is an important indicator of the economic strength of a country. Russian economy The Russian economy is primarily directed by both the private sector and the state. As a member of the BRIC, Russia is currently experiencing an accelerated growth within the economy with a chance of earning a place in the G7 economies. As of the 1990s, a large amount of the country’s industrial and agricultural sectors were privatized, however energy and military production remained with the state for the most part. Thus, the majority of Russian exports consisted of energy products as well as high-tech military equipment. The effects of the global financial crisis of 2008 took a similar toll on the Russian economy, however only had short-term effects. Russia recovered after two years and has since experienced exponential economic growth and productivity due to aggressive and prompt actions from the government, providing Russia with one of the most profitable economies in the world. Additionally, unemployment reached an all-decade low from the recent Russian economic boom, which furthermore implies that there is a slight growth in wages, however is also accompanied by a large worker shortage.

Russia's gross domestic product (GDP) was estimated to grow by 4.1 percent in 2024 compared to the previous year. To compare, in 2022, the country's GDP dropped by around 1.44 percent. GDP refers to the total market value of all goods and services that are produced within a country per year. It is an important indicator of the economic strength of a country. Real GDP is adjusted for price changes and is therefore regarded as a key indicator for economic growth. Trade balance of Russia With the exception of 2009, Russia’s GDP was relatively stable year-over-year, however at a higher rate prior to the financial crisis. In 2012, Russia reported a trade surplus, meaning that more goods and services combined were exported than imported. However, Russia primarily profited from exporting goods, earning the majority of its revenues from its trade balance of goods, while the nation posted a trade deficit on its services, its highest loss recorded since 2003. Russia imports and exports its products and services primarily to neighboring countries or countries in Europe. Russia’s most important trade partner is arguably China, potentially due to shared borders and strong political relations between the two nations. China is accountable for roughly 19.2 percent of all of Russia’s imports, however only makes up roughly 8.3 percent of the country’s total exports. China has become an important import partner for many nations around the world as well as a country where larger companies can manufacture goods at a cheaper price.

In May 2025, the inflation rate in Russia stood at **** percent compared to the same month in the previous year, showing an increase. The rate has been decreasing since March 2025. The highest rate during the observed period was recorded in April 2022, at **** percent. The term inflation means the devaluation of money caused by a permanent increase in the price level for products (consumer goods, investment goods). The Consumer Price Index (CPI) shows the price development for private expenses and shows the current level of inflation when increasing. Russia's economy, an outlook The Russian economy was expected to grow by *** percent in 2025 despite the Western sanctions over the war in Ukraine that began in February 2022. At the same time, consumer prices were projected to grow by around **** percent in 2025 relative to the previous year. In 2024, the inflation rate was estimated at **** percent. Prices in Russia Russia’s economy is highly dependent on and affected by the price of oil. The price of the Urals crude oil stood at approximately ***** U.S. dollars per barrel in April 2025, having demonstrated a decrease from the previous month. The highest producer price index (PPI) was recorded in the electricity and gas supply sector, with a price growth rate of over ** percent in September 2024.

Monthly GDP YoY in Russia increased to 1.90 percent in April from 1.10 percent in March of 2025. This dataset includes a chart with historical data for Russia Monthly GDP YoY.

Economic Activity Rate: SF: Republic of Crimea data was reported at 61.100 % in 2024. This records an increase from the previous number of 59.800 % for 2023. Economic Activity Rate: SF: Republic of Crimea data is updated yearly, averaging 58.600 % from Dec 2015 (Median) to 2024, with 10 observations. The data reached an all-time high of 64.800 % in 2015 and a record low of 56.800 % in 2018. Economic Activity Rate: SF: Republic of Crimea data remains active status in CEIC and is reported by Federal State Statistics Service. The data is categorized under Global Database’s Russian Federation – Table RU.GB006: Economic Activity Rate: by Region: Annual.

Economic Activity Rate: FE: Magadan Region data was reported at 70.500 % in 2024. This records a decrease from the previous number of 71.900 % for 2023. Economic Activity Rate: FE: Magadan Region data is updated yearly, averaging 74.200 % from Dec 2000 (Median) to 2024, with 25 observations. The data reached an all-time high of 79.500 % in 2011 and a record low of 70.500 % in 2024. Economic Activity Rate: FE: Magadan Region data remains active status in CEIC and is reported by Federal State Statistics Service. The data is categorized under Global Database’s Russian Federation – Table RU.GB006: Economic Activity Rate: by Region: Annual.

Russia: Business freedom index (0-100): The latest value from 2024 is 54 points, a decline from 55 points in 2023. In comparison, the world average is 62 points, based on data from 175 countries. Historically, the average for Russia from 1995 to 2024 is 63 points. The minimum value, 51 points, was reached in 2011 while the maximum of 85 points was recorded in 1995.

Russian Small Business Index (RSBI) was measured at 52.7 points in December 2024, the lowest mark since the end of 2023. However, the figure was above the 50-point threshold, indicating that the business activity was growing.

Key information about Russia Nominal GDP Growth

• Russia Nominal GDP Growth was reported at 19.527 % in Mar 2024.
• This records an increase from the previous number of 19.473 % for Dec 2023.
• Russia Nominal GDP Growth data is updated quarterly, averaging 19.527 % from Mar 1994 to Mar 2024, with 121 observations.
• The data reached an all-time high of 544.118 % in Mar 1994 and a record low of -10.715 % in Jun 2020.
• Russia Nominal GDP Growth data remains active status in CEIC and is reported by CEIC Data.
• The data is categorized under World Trend Plus’s Global Economic Monitor – Table: Nominal GDP: Y-o-Y Growth: Quarterly.

Inflation Rate in Russia decreased to 9.90 percent in May from 10.20 percent in April of 2025. This dataset provides - Russia Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Consumer Spending in Russia increased to 19805.90 RUB Billion in the fourth quarter of 2024 from 19424.30 RUB Billion in the third quarter of 2024. This dataset provides - Russia Consumer Spending - actual values, historical data, forecast, chart, statistics, economic calendar and news.

The Gross Domestic Product per capita in Russia was last recorded at 10420.57 US dollars in 2023. The GDP per Capita in Russia is equivalent to 83 percent of the world's average. This dataset provides the latest reported value for - Russia GDP per capita - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

As a result of Russia's invasion of Ukraine, the global economy is estimated to contract by **** percent in 2022. Furthermore, due to sanctions imposed on Russia, its economy is projected to decline by *** percent in 2022 and by **** percent in 2023.

The statistic shows the inflation rate in Russia from 1997 to 2024, with projections up until 2030. The inflation rate is calculated using the price increase of a defined product basket. This product basket contains products and services, on which the average consumer spends money throughout the year. They include expenses for groceries, clothes, rent, power, telecommunications, recreational activities and raw materials (e.g. gas, oil), as well as federal fees and taxes. In 2022, the average inflation rate in Russia was at about 13.75 percent compared to the previous year. Russia's economic uplift Based on economic power and economic standards, Russia is recognized as one of the biggest economic powers in the world. With a population of around 143 million people and a re-awakened population growth since 2010, Russia has tried to establish itself as one the world’s largest economies and wealthiest nations and succeeded, being the sixth largest economy in the world today. The gross domestic product (GDP) increase in Russia from 2009 to 2014 is also a good indicator of Russia’s economic growth and strength. After the 1998 Russian financial crisis, several reforms were introduced to the Russian economy which allowed it to recover. Not only did the Russian economy experience a great boost but the quality of life in Russia as well as the people’s satisfaction with the direction of the country has also improved. In comparison to the previous year - with the exception of 2009 -, the Russian real gross domestic product growth rate has increased over the past decade. The trade balance of goods has been experiencing a rapid increase since the beginning of the millennium, with the exceptions of 2007 and 2009 due to the global economic crisis. This allowed Russia to export more goods than it imported. This high trade balance of goods resulted in a low inflation rate in 2012, the lowest recorded inflation rate since 2004.

Economic Activity Rate: FE: Sakhalin Region data was reported at 70.900 % in 2024. This records an increase from the previous number of 70.100 % for 2023. Economic Activity Rate: FE: Sakhalin Region data is updated yearly, averaging 70.100 % from Dec 2000 (Median) to 2024, with 25 observations. The data reached an all-time high of 73.300 % in 2016 and a record low of 65.800 % in 2002. Economic Activity Rate: FE: Sakhalin Region data remains active status in CEIC and is reported by Federal State Statistics Service. The data is categorized under Global Database’s Russian Federation – Table RU.GB006: Economic Activity Rate: by Region: Annual.