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.

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.

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.

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 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.

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.

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.

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.

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.

CEIC calculates quarterly Nominal GDP Growth from quarterly Nominal GDP. Federal State Statistics Service provides Nominal GDP in local currency based on SNA 2008. Nominal GDP Growth prior to Q1 2012 is based on SNA 1993.

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.

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.

Key information about Russia Investment: % of GDP

• Russia Investment accounted for 27.6 % of its Nominal GDP in Sep 2024, compared with a ratio of 23.5 % in the previous quarter.
• Russia investment share of Nominal GDP data is updated quarterly, available from Mar 1993 to Sep 2024, with an average ratio of 22.8 %.
• The data reached an all-time high of 31.4 % in Sep 1995 and a record low of -2.0 % in Dec 1998.

CEIC calculates Investment as % of Nominal GDP from quarterly Nominal Gross Capital Formation and quarterly Nominal GDP. Federal State Statistics Service provides Nominal Gross Capital Formation in local currency and Nominal GDP in local currency, based on SNA 2008. Investment as % of Nominal GDP prior to Q1 2011 is based on SNA 1993.


Related information about Russia Investment: % of GDP

• In the latest reports, Russia GDP contracted 2.6 % YoY in Mar 2023.
• Russia Nominal GDP reached 494.7 USD bn in Mar 2023.
• Its GDP deflator (implicit price deflator) increased 0.7 % in Mar 2023.
• Russia GDP Per Capita reached 15,074.8 USD in Dec 2022.
• Its Gross Savings Rate was measured at 30.4 % in Sep 2024.

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.

Russia GDP per capita for 2023 was $13,817, a 10.54% decline from 2022.

<ul style='margin-top:20px;'>

<li>Russia GDP per capita for 2022 was <strong>$15,445</strong>, a <strong>23.35% increase</strong> from 2021.</li>
<li>Russia GDP per capita for 2021 was <strong>$12,522</strong>, a <strong>23.87% increase</strong> from 2020.</li>
<li>Russia GDP per capita for 2020 was <strong>$10,108</strong>, a <strong>11.7% decline</strong> from 2019.</li>
</ul>GDP per capita is gross domestic product divided by midyear population. GDP is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars.

This statistic shows the gross domestic product (GDP) per capita in Russia from 1997 to 2024, with projections up until 2030. 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. In 2024, the GDP per capita in Russia was around 14,794.7 U.S. dollars. See the Russian GDP for comparison. Russia's wealth Russia generates most of its wealth through its energy sector, given that a large percentage of its industrial and agricultural sectors have been privatized in the 1990s. The majority of Russia’s exports consisted of natural resources, such as oil, gas and metals. Russia’s primary export partners are located within Europe, with the exception of China, and are often the recipients of a large amount of Russia’s natural gas exports. The country’s second most important and influential sector is the military sector, due to having built up a complex arms industry and having the proficiency to produce high tech weapons. Russia ranks as one of the highest spenders for military production and is one of the more intimidating military powers in the world. Due to the privatization of Russia’s industrial and agricultural sectors, a rather large part of the population was able to capitalize on the market. Russia is home to one of the highest numbers of billionaires in the world, trailing only countries such as the United States and China.

Key information about Russia Private Consumption: % of GDP

• Russia Private Consumption accounted for 50.8 % of its Nominal GDP in Sep 2024, compared with a ratio of 50.9 % in the previous quarter.
• Russia Private Consumption contribution to Nominal GDP ratio is updated quarterly, available from Mar 1993 to Sep 2024, with an average share of 51.1 %.
• The data reached an all-time high of 61.0 % in Mar 1999 and a record low of 42.7 % in Jun 1993.

CEIC calculates Private Consumption as % of Nominal GDP from quarterly Private Consumption Expenditure and quarterly Nominal GDP. Private Consumption Expenditure is calculated as the sum of Household and NPISHs consumption. Federal State Statistics Service provides Private Consumption Expenditure in local currency and Nominal GDP in local currency, based on SNA 2008. Private Consumption as % of Nominal GDP prior to Q1 2011 is based on SNA 1993.


Related information about Russia Private Consumption: % of GDP

• In the latest reports, Russia GDP contracted 2.6 % YoY in Mar 2023.
• Its Nominal GDP reached 494.7 USD bn in Mar 2023.
• Russia GDP Per Capita reached 15,074.8 USD in Dec 2022.
• Its Gross Savings Rate was measured at 30.4 % in Sep 2024.

Russia GDP for 2023 was 2.021 trillion US dollars, a 10.79% decline from 2022.

<ul style='margin-top:20px;'>

<li>Russia GDP for 2022 was <strong>2.266 trillion US dollars</strong>, a <strong>22.93% increase</strong> from 2021.</li>
<li>Russia GDP for 2021 was <strong>1.843 trillion US dollars</strong>, a <strong>23.46% increase</strong> from 2020.</li>
<li>Russia GDP for 2020 was <strong>1.493 trillion US dollars</strong>, a <strong>11.81% decline</strong> from 2019.</li>
</ul>GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used.

Russia Gross Domestic Product (GDP) data was reported at 58,879.423 RUB bn in Dec 2024. This records an increase from the previous number of 50,857.061 RUB bn for Sep 2024. Russia Gross Domestic Product (GDP) data is updated quarterly, averaging 23,909.523 RUB bn from Mar 2011 (Median) to Dec 2024, with 56 observations. The data reached an all-time high of 58,879.423 RUB bn in Dec 2024 and a record low of 13,024.800 RUB bn in Mar 2011. Russia Gross Domestic Product (GDP) 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.AA029: GDP: by Income: SNA 2008: Current Price.

The nominal gross domestic product (GDP) of Russia generally increased year-on-year, with a slight decrease in 2020. In 2024, the value of the nominal GDP rose to 200 trillion Russian rubles.

Georgia's real gross domestic product (GDP) was estimated to have the highest increase in Central and Eastern Europe (CEE) and Central Asia, by 7.5 percent in 2024. The economy of Russia was expected to grow at a decreasing rate until 2026.