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.

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 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.

Monthly GDP YoY in Russia decreased to 1.20 percent in May from 1.90 percent in April of 2025. This dataset includes a chart with historical data for Russia Monthly GDP YoY.

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.

Russia: Economic growth: the rate of change of real GDP: The latest value from 2023 is 3.6 percent, an increase from -2.07 percent in 2022. In comparison, the world average is 3.43 percent, based on data from 184 countries. Historically, the average for Russia from 1990 to 2023 is 0.9 percent. The minimum value, -14.53 percent, was reached in 1992 while the maximum of 10 percent was recorded in 2000.

Russia: Economic growth forecast: The latest value from 2030 is 1.2 percent, unchanged from 1.2 percent in 2029. In comparison, the world average is 3.25 percent, based on data from 182 countries. Historically, the average for Russia from 1993 to 2030 is 1.72 percent. The minimum value, -12.7 percent, was reached in 1994 while the maximum of 10.05 percent was recorded in 2000.

Russia RU: GDP: Growth: Gross Value Added: Services data was reported at -0.546 % in 2016. This records an increase from the previous number of -2.505 % for 2015. Russia RU: GDP: Growth: Gross Value Added: Services data is updated yearly, averaging 2.523 % from Dec 1991 (Median) to 2016, with 26 observations. The data reached an all-time high of 13.622 % in 2007 and a record low of -19.480 % in 1993. Russia RU: GDP: Growth: Gross Value Added: Services data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Russian Federation – Table RU.World Bank.WDI: Gross Domestic Product: Annual Growth Rate. Annual growth rate for value added in services based on constant local currency. Aggregates are based on constant 2010 U.S. dollars. Services correspond to ISIC divisions 50-99. They include value added in wholesale and retail trade (including hotels and restaurants), transport, and government, financial, professional, and personal services such as education, health care, and real estate services. Also included are imputed bank service charges, import duties, and any statistical discrepancies noted by national compilers as well as discrepancies arising from rescaling. Value added is the net output of a sector after adding up all outputs and subtracting intermediate inputs. It is calculated without making deductions for depreciation of fabricated assets or depletion and degradation of natural resources. The industrial origin of value added is determined by the International Standard Industrial Classification (ISIC), revision 3 or 4.; ; World Bank national accounts data, and OECD National Accounts data files.; Weighted average;

Russia RU: GDP: Growth: Gross Value Added: Agriculture, Forestry, and Fishing data was reported at 6.650 % in 2022. This records an increase from the previous number of -0.825 % for 2021. Russia RU: GDP: Growth: Gross Value Added: Agriculture, Forestry, and Fishing data is updated yearly, averaging 1.577 % from Dec 1991 (Median) to 2022, with 32 observations. The data reached an all-time high of 17.100 % in 1999 and a record low of -18.800 % in 1998. Russia RU: GDP: Growth: Gross Value Added: Agriculture, Forestry, and Fishing data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Russian Federation – Table RU.World Bank.WDI: Gross Domestic Product: Annual Growth Rate. Annual growth rate for agricultural, forestry, and fishing value added based on constant local currency. Aggregates are based on constant 2015 prices, expressed in U.S. dollars. Agriculture corresponds to ISIC divisions 01-03 and includes forestry, hunting, and fishing, as well as cultivation of crops and livestock production. Value added is the net output of a sector after adding up all outputs and subtracting intermediate inputs. It is calculated without making deductions for depreciation of fabricated assets or depletion and degradation of natural resources. The origin of value added is determined by the International Standard Industrial Classification (ISIC), revision 4.;World Bank national accounts data, and OECD National Accounts data files.;Weighted average;Note: Data for OECD countries are based on ISIC, revision 4.

Key information about Russia Nominal GDP

• Russia Nominal GDP reached 677.5 USD bn in Dec 2022, compared with 643.8 USD bn in the previous quarter.
• Nominal GDP in Russia is updated quarterly, available from Mar 1993 to Dec 2022, with an average number of 292.0 USD bn.
• The data reached an all-time high of 677.5 USD bn in Dec 2022 and a record low of 24.1 USD bn in Mar 1993.

CEIC converts quarterly Nominal GDP into USD. Federal State Statistics Service provides Nominal GDP in local currency based on SNA 2008. The Bank of Russia average market exchange rate is used for currency conversions. Nominal GDP prior to Q1 2011 is based on SNA 1993.


Related information about Russia Nominal GDP

• In the latest reports, Russia GDP contracted 3.5 % YoY in Dec 2022.
• Its GDP deflator (implicit price deflator) increased 8.2 % in Dec 2022.
• Russia GDP Per Capita 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.

Graph and download economic data for Infra-Annual Registered Unemployment and Job Vacancies: Total Economy: Registered Unemployment for Russia (LMUNRRTTRUA156S) from 1992 to 2021 about Russia, unemployment, and rate.

Graph and download economic data for Leading Indicators OECD: Reference series: Gross Domestic Product (GDP): Ratio to trend for the Russian Federation (RUSLORSGPRTSTSAM) from Feb 1995 to Aug 2021 about leading indicator, Russia, ratio, and GDP.

Graph and download economic data for Total Construction for the Russian Federation (PRCNTO01RUQ659S) from Q1 2005 to Q3 2018 about Russia, IP, and construction.

Graph and download economic data for Production, Sales, Work Started and Orders: Production Volume: Economic Activity: Manufacturing for Russia (RUSPROMANQISMEI) from Q1 1999 to Q4 2021 about Russia, production, and manufacturing.

Short-term forecasting of economic growth in Russia amid uncertainty based on the opinions of entrepreneurs and consumers. With geographic focus on Europe and Central Asia, Russian Federation. Key topics include: business and consumer surveys, economic sentiment indicator, GDP growth, \r economic growth, VAR model with dummy variables.

Graph and download economic data for Leading Indicators OECD: Reference Series: Gross Domestic Product: Original Series for the Russian Federation (LORSGPORRUQ659S) from Q1 1996 to Q3 2021 about leading indicator, Russia, and GDP.

Russia: Financial institutions development: The latest value from 2021 is 0.6 index points, a decline from 0.604 index points in 2020. In comparison, the world average is 0.436 index points, based on data from 178 countries. Historically, the average for Russia from 1990 to 2021 is 0.407 index points. The minimum value, 0.197 index points, was reached in 1995 while the maximum of 0.604 index points was recorded in 2016.

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.

Over ** percent of European businesses operating in Russia expected the country's economy to show positive developments in the short term, according to survey results from 2021. Furthermore, in the following 6 to 10 years, nearly three quarters of respondents forecast economic growth.