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.

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 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 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.

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.

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.

Russia MED Forecast: Real(GDP) Gross Domestic ProductGrowth: YoY: Conservative Scenario data was reported at 1.520 % in 2026. This records an increase from the previous number of 1.453 % for 2025. Russia MED Forecast: Real(GDP) Gross Domestic ProductGrowth: YoY: Conservative Scenario data is updated yearly, averaging 1.453 % from Dec 2020 (Median) to 2026, with 7 observations. The data reached an all-time high of 3.851 % in 2021 and a record low of -3.000 % in 2020. Russia MED Forecast: Real(GDP) Gross Domestic ProductGrowth: YoY: Conservative Scenario data remains active status in CEIC and is reported by Ministry of Economic Development of the Russian Federation. The data is categorized under Global Database’s Russian Federation – Forecast of The Social and Economic Development of The Russian Federation.

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 MED Forecast: Real(GDP) Gross Domestic ProductGrowth: YoY: Baseline Scenario data was reported at 2.242 % in 2026. This records a decrease from the previous number of 2.263 % for 2025. Russia MED Forecast: Real(GDP) Gross Domestic ProductGrowth: YoY: Baseline Scenario data is updated yearly, averaging 2.259 % from Dec 2020 (Median) to 2026, with 7 observations. The data reached an all-time high of 4.700 % in 2021 and a record low of -3.000 % in 2020. Russia MED Forecast: Real(GDP) Gross Domestic ProductGrowth: YoY: Baseline Scenario data remains active status in CEIC and is reported by Ministry of Economic Development of the Russian Federation. The data is categorized under Global Database’s Russian Federation – Forecast of The Social and Economic Development of The Russian Federation.

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 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.

The statistic shows the growth rate of the real gross domestic product (GDP) in the United States from 2020 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. Real GDP is adjusted for price changes and is therefore regarded as a key indicator for economic growth. In 2024, the growth of the real gross domestic product in the United States was around 2.8 percent compared to the previous year. See U.S. GDP per capita and the US GDP for more information. Real gross domestic product (GDP) of the United States The gross domestic product (GDP) of a country is a crucial economic indicator, representing the market value of the total goods and services produced and offered by a country within a year, thus serving as one of the indicators of a country’s economic state. The real GDP of a country is defined as its gross domestic product adjusted for inflation. An international comparison of economic growth rates has ranked the United States alongside other major global economic players such as China and Russia in terms of real GDP growth. With further growth expected during the course of the coming years, as consumer confidence continues to improve, experts predict that the worst is over for the United States economy. A glance at US real GDP figures reveals an overall increase in growth, with sporadic slips into decline; the last recorded decline took place in Q1 2011. All in all, the economy of the United States can be considered ‘well set’, with exports and imports showing positive results. Apart from this fact, the United States remains one of the world’s leading exporting countries, having been surpassed only by China and tailed by Germany. It is also ranked first among the top global importers. Despite this, recent surveys revealing Americans’ assessments of the U.S. economy have yielded less optimistic results. Interestingly enough, this consensus has been mutual across the social and environmental spectrum. On the other hand, GDP is often used as an indicator for the standard of living in a country – and most Americans seem quite happy with theirs.

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.

Russia's real GDP was forecast to fall by less than one percent in 2023. In 2022, the economy shrank by over two percent, largely impacted by the invasion of Ukraine and subsequent Western sanctions on Russia. The coronavirus (COVID-19) pandemic negatively affected the indicator in 2020, leading to its decline by 2.7 percent in that year.

Graph and download economic data for National Accounts: GDP by Expenditure: Constant Prices: Government Final Consumption Expenditure for Russia (NAEXKP03RUQ659S) from Q1 2004 to Q3 2021 about Russia, consumption expenditures, consumption, government, real, and GDP.

Graph and download economic data for National Accounts: GDP by Expenditure: Constant Prices: Government Final Consumption Expenditure for Russia (NAEXKP03RUA659S) from 2004 to 2020 about Russia, consumption expenditures, consumption, government, real, and GDP.

The novel coronavirus pandemic, or COVID-19, had a severe impact on the global economy, causing a decrease of the G20 countries' gross domestic product (GDP) of three percent in 2020. However, the following year, the GDP of these countries grew by over six percent. It continued to grow in the following years, albeit at a slower pace, and is forecast to continue to do so in 2025 and 2026.For more information about the economic impact of the COVID-19 pandemic on the global economy, please check out our dedicated topic page.

The Gross Domestic Product per capita in Russia was last recorded at 39753.46 US dollars in 2023, when adjusted by purchasing power parity (PPP). The GDP per Capita, in Russia, when adjusted by Purchasing Power Parity is equivalent to 224 percent of the world's average. This dataset provides the latest reported value for - Russia GDP per capita PPP - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Historical chart and dataset showing Russia economic growth by year from 1988 to 2023.

Russia CBR Forecast: Baseline Scenario: Real GDP: YoY: Gross Capital Formation: Upper Bound data was reported at 4.500 % in 2021. This records an increase from the previous number of 3.500 % for 2020. Russia CBR Forecast: Baseline Scenario: Real GDP: YoY: Gross Capital Formation: Upper Bound data is updated yearly, averaging 2.500 % from Dec 2016 (Median) to 2021, with 6 observations. The data reached an all-time high of 4.500 % in 2021 and a record low of -6.600 % in 2016. Russia CBR Forecast: Baseline Scenario: Real GDP: YoY: Gross Capital Formation: Upper Bound data remains active status in CEIC and is reported by The Central Bank of the Russian Federation. The data is categorized under Global Database’s Russian Federation – Table RU.AB011: Real GDP: SNA 2008: Volume Index Year on Year Growth: by Expenditure: Forecast: The Central Bank of the Russian Federation: Annual.