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.

The Gross Domestic Product (GDP) in Russia was worth 2173.84 billion US dollars in 2024, according to official data from the World Bank. The GDP value of Russia represents 2.05 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.

Key information about Russia Real GDP Growth

• The Gross Domestic Product (GDP) in Russia contracted 2.6 % YoY in Mar 2023, following a negative growth of 3.2 % in the previous quarter.
• Real GDP Growth YoY data in Russia is updated quarterly, available from Mar 1996 to Mar 2023, with an average rate of 2.7 %.
• The data reached an all-time high of 12.3 % in Dec 1999 and a record low of -9.4 % in Jun 2009.

CEIC calculates quarterly Real GDP Growth from quarterly Real GDP. The Federal State Statistics Service provides Real GDP in local currency at 2021 prices, based on SNA 2008. Real GDP Growth prior to Q1 2012 is calculated from Real GDP at 2008 prices and prior to Q1 2004 from Real GDP at 2003 prices, both based on SNA 1993.


Related information about Russia Real GDP Growth

• In the latest reports, Nominal GDP of Russia reached 494.7 USD bn in Mar 2023.
• Its GDP deflator (implicit price deflator) increased 0.7 % in Mar 2023.
• GDP Per Capita in Russia reached 15,074.8 USD in Dec 2022.
• Its Gross Savings Rate was measured at 35.2 % in Dec 2022.
• For Nominal GDP contributions, Investment accounted for 28.9 % in Dec 2022.
• Public Consumption accounted for 17.5 % in Dec 2022.
• Private Consumption accounted for 47.3 % in Dec 2022.

Russia's gross domestic product (GDP) was estimated to have increased by 1.2 percent in May 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 five percent in Ireland. In Latin America, the most significant increase in GDP was recorded in Peru, at 5.2 percent in 2022.

This statistic shows the distribution of the gross domestic product (GDP) across economic sectors in Russia from 2013 to 2023. In 2023, agriculture contributed around 3.35 percent to the GDP of Russia, 30.65 percent came from the industry and 56.88 percent from the service sector. Russia's struggling economy Russia is one of the so-called BRIC countries, the four major emerging markets. It is also considered to be one of the fastest growing economies, being one of the world’s leading producers and exporters of oil, natural gas, metals, wood, chemicals, and a wide variety of civilian and military manufactures. In 2015, Russia reported an estimated gross domestic product of about 1.18 billion U.S. dollars, making it one of the countries with the largest gross domestic product in the world. Due to its fast economic expansion, it is also predicted that Russia will have the sixth largest gross domestic product in the world by 2030. Despite a growing economy, Russia's unemployment rate has remained high in recent years. In 2010, the unemployment rate in Russia was at 7.3 percent, and after a slight plunge, it is expected to reach similar heights in the next few years again. Inflation has also increased rapidly in recent years, in 2015, it is expected to double in comparison to 2014, reaching approximately 18 percent - the highest inflation rate of the decade. 2015 is also marked by a large decline of Russia's gross domestic product: Between 2014 and 2015, GDP decreased by almost 5 thousand U.S. dollars. It is, however, expected to recover until 2020. Despite a trade deficit in the services sector from 2003 to 2013, the services sector in Russia has employed yearly over 55 percent of the workforce since 1999.

The Gross Domestic Product (GDP) in Russia expanded 1.10 percent in the second 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.

The manufacturing sector's gross value added accounted for 12.45 percent of Russia's gross domestic product (GDP) in 2023, the largest share among other industries. Wholesale and retail trade followed, with a share exceeding 12 percent. In total, Russia's GDP was estimated at 2.06 trillion U.S. dollars at current prices in 2024 and was forecast to increase in the years until 2029.

Since 1980, Europe's largest economies have consistently been France, Germany, Italy, Spain, and the United Kingdom, although the former Soviet Union's economy was the largest in the 1980s, and Russia's economy has been larger than Spain's since 2010. Since Soviet dissolution, Germany has always had the largest economy in Europe, while either France or the UK has had the second largest economy depending on the year. Italy's economy was of a relatively similar size to that of the UK and France until the mid-2000s when it started to diverge, resulting in a difference of approximately 800 billion U.S dollars by 2018. Russia's economy had overtaken both Italy and Spain's in 2012, but has fallen since 2014 due to the drop in international oil prices and the economic sanctions imposed for its annexation of Crimea - economic growth is expected to be comparatively low in Russia in the coming years due to the economic fallout of its invasion of Ukraine in 2022. In 2025, Germany, now the world's third-largest economy, was estimated at over *** trillion U.S. dollars.

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.

Key information about Russia Market Capitalization: % of GDP

• Russia Market Capitalization accounted for 2.8 % of its Nominal GDP in Dec 2024, compared with a percentage of 2.9 % in the previous year
• Russia Market Capitalization: % Nominal GDP is updated yearly, available from Dec 1997 to Dec 2024
• The data reached an all-time high of 33.3 % in Dec 2003 and a record low of 2.8 % in Dec 2024

CEIC calculates annual Market Capitalization as % of Nominal GDP from monthly Market Capitalization and annual Nominal GDP. Moscow Exchange provides Market Capitalization in USD. Federal State Statistics Service provides Nominal GDP in local currency. The Bank of Russia average market exchange rate is used for currency conversions

GDP Constant Prices in Russia decreased to 32719.96 RUB Billion in the first quarter of 2025 from 40750.78 RUB Billion in the fourth quarter of 2024. This dataset provides - Russia GDP Constant Prices - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Russia: Informal economy, DGE method: The latest value from 2020 is 39.1 percent, a decline from 39.6 percent in 2019. In comparison, the world average is 28.16 percent, based on data from 156 countries. Historically, the average for Russia from 1990 to 2020 is 39.49 percent. The minimum value, 38.3 percent, was reached in 1995 while the maximum of 40.6 percent was recorded in 2006.

Key information about Russia Domestic Credit Growth

• Russia Domestic Credit increased 19.1 % YoY in Jan 2025, compared with an increase of 19.7 % YoY in the previous month
• Russia Domestic Credit Growth YoY data is updated monthly
• It averaged 21.6 %, available from Dec 2001 to Jan 2025
• The data reached an all-time high of 49.7 % in May 2007 and a record low of -9.3 % in Apr 2005

CEIC calculates Domestic Credit Growth from monthly Domestic Credit. The Bank of Russia provides Domestic Credit in local currency based on MFSM 2016. Domestic Credit Growth prior to December 2015 is based on MFSM 2000.


Further information about Russia Domestic Credit Growth

• In the latest reports, Russia Domestic Credit reached 1,442.5 USD bn in Jan 2025
• Money Supply M2 in Russia increased to 1,189.6 USD bn YoY in Jan 2025
• Russia Foreign Exchange Reserves was measured at 386.4 USD bn in Jan 2025
• The Foreign Exchange Reserves equaled 14.9 Months of Import in Oct 2024
• The country's Non Performing Loans Ratio stood at 16.8 % in Nov 2020, compared with the ratio of 17.0 % in the previous month
• Household Debt of Russia reached 20.4 % in Mar 2024, accounting for 20.4 % of the country's Nominal GDP

Russia Federal Loan Bonds (OFZ): Market Size data was reported at 7,325.000 RUB bn in Dec 2018. This records an increase from the previous number of 7,287.000 RUB bn for Nov 2018. Russia Federal Loan Bonds (OFZ): Market Size data is updated monthly, averaging 4,812.000 RUB bn from Dec 2011 (Median) to Dec 2018, with 85 observations. The data reached an all-time high of 7,325.000 RUB bn in Dec 2018 and a record low of 2,897.000 RUB bn in Jan 2012. Russia Federal Loan Bonds (OFZ): Market Size data remains active status in CEIC and is reported by The Central Bank of the Russian Federation. The data is categorized under Russia Premium Database’s Financial Market – Table RU.ZD001: Federal Loan Bonds (OFZ) Market: Non-Residents Share.

GDP from Agriculture in Russia decreased to 663.40 RUB Billion in the first quarter of 2025 from 1338.10 RUB Billion in the fourth quarter of 2024. This dataset provides the latest reported value for - Russia Gdp From Agriculture - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Exports in Russia decreased to 32837 USD Million in June from 33094 USD Million in May of 2025. This dataset provides - Russia Exports - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Russia recorded a Government Debt to GDP of 16.40 percent of the country's Gross Domestic Product in 2024. This dataset provides - Russia Government Debt To GDP - actual values, historical data, forecast, chart, statistics, economic calendar and news.

The Russian satellite-based Earth observation market is experiencing robust growth, driven by increasing government investment in space technology, a focus on national security, and the expanding applications of Earth observation data across various sectors. The market's Compound Annual Growth Rate (CAGR) of 7.58% from 2019 to 2024 suggests a substantial market expansion. Considering this trajectory and the continued advancements in satellite technology, the market is projected to maintain a similar growth rate through 2033. Key drivers include the nation's strategic interests in monitoring its vast territory for resource management, infrastructure development, and environmental protection. The increasing adoption of Earth observation data for precision agriculture, urban planning, and climate change mitigation further fuels market expansion. While precise market sizing for 2025 is unavailable, estimating based on the provided CAGR and a plausible 2024 market size (let's assume $500 million for illustration), the 2025 market size could be around $537.9 million ($500 million * 1.0758). The market is segmented by data type (Earth observation data and value-added services), satellite orbit (Low Earth Orbit, Medium Earth Orbit, Geostationary Orbit), and end-use (urban development, agriculture, climate services, energy, infrastructure, and others). Competition is largely dominated by state-owned enterprises like Roscosmos and Gazprom Space Systems, alongside private players such as SCANEX Group and Dauria Aerospace. The future growth of the Russian satellite-based Earth observation market hinges on technological advancements, particularly in high-resolution imagery and data analytics. Government policies supporting the development and deployment of domestic satellite constellations will be critical. The increasing integration of AI and machine learning in data processing and interpretation will further enhance the value proposition of Earth observation services. However, potential restraints include economic sanctions affecting access to international technology and collaborations, as well as the need for skilled professionals to manage and interpret the vast amounts of generated data. Despite these challenges, the long-term outlook for the Russian satellite-based Earth observation market remains positive, driven by the strategic importance of this technology for national development and global competitiveness. Recent developments include: April 2023: The Russian government made a commitment to maintain its participation in the International Space Station (ISS) through at least 2028. NASA has reported that Russia has affirmed its dedication to supporting the station until 2028. The other partners, including NASA, the Canadian Space Agency, the European Space Agency, and the Japan Aerospace Exploration Agency, have agreed to extend the station's operations through 2030., August 2022: The satellite, named "Khayyam" after a Persian mathematician from the 12th century, is set to launch as part of an agreement between Russia's Roscosmos space agency and Iran, a collaboration that has been in the works for nearly four years. The Kanopus-V system, developed and launched by Russia, will feature a high-resolution camera providing Tehran with potential capabilities, including near-constant monitoring of sensitive facilities in Israel and the Persian Gulf region.. Key drivers for this market are: Government Initiatives and Support, Rising Need for Advanced Surveillance Capabilities. Potential restraints include: Government Initiatives and Support, Rising Need for Advanced Surveillance Capabilities. Notable trends are: Government Initiatives and Support to Drive the Market Growth.

Russia: Population size, in millions: The latest value from 2024 is 143.53 million, a decline from 143.83 million in 2023. In comparison, the world average is 41.28 million, based on data from 196 countries. Historically, the average for Russia from 1960 to 2024 is 140.23 million. The minimum value, 119.9 million, was reached in 1960 while the maximum of 148.54 million was recorded in 1992.

Russia had the highest GDP per capita based on purchasing-power-parity (PPP) among the presented Eurasian countries between 2010 and 2023 and was forecast to remain in the leading position in the following years. However, Kazakhstan was predicted to close the gap with Russia slowly by 2029. What are the largest economies in Eurasia? At an estimated *** trillion U.S. dollars, Russia had the largest GDP among the Eurasian countries in 2024. The country generated most of its wealth through its energy sector, given that a high percentage of its industrial and agricultural sectors was privatized in the 1990s. Ranking second and third were Kazakhstan and Ukraine, whose GDP amounted to approximately *** billion U.S. dollars and *** billion U.S. dollars, respectively. Looking at national debt, Ukraine demonstrated the highest ratio to GDP, at over ** percent in 2024. Despite exhibiting the second-lowest figure in the region, Russia’s national debt was forecast to increase in the years until 2029. Inflation in Eurasia The highest inflation rate in Eurasia was recorded in Uzbekistan, at around ** percent in 2024. It was followed by Kazakhstan and Russia, where consumer prices were estimated to grow by approximately *** percent and *** percent relative to the previous year, respectively. As of January 2024, monthly expenses on the basic food basket occupied around ** percent of the official minimum wage in Moldova. At the same time, in Uzbekistan, the minimum wage was just enough to cover basic food expenses.