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.

Russia's gross domestic product (GDP) was estimated to have increased by 3.2 percent in October 2024 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.

Russia's gross domestic product (GDP) was estimated to grow by 3.65 percent in 2023 compared to the previous year. To compare, in 2022, the country's GDP dropped by around 1.25 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 increased to 4.50 percent in December from 3.60 percent in November of 2024. This dataset includes a chart with historical data for Russia Monthly GDP YoY.

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.

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 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.

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.

Graph and download economic data for Gross Domestic Product for Russian Federation (MKTGDPRUA646NWDB) from 1988 to 2023 about Russia and GDP.

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.

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.

GDP Constant Prices in Russia increased to 36921 RUB Billion in the third quarter of 2024 from 34667.89 RUB Billion in the second quarter of 2024. This dataset provides - Russia GDP Constant Prices - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Economic Activity Rate: NC: Republic of Dagestan data was reported at 60.200 % in 2023. This records an increase from the previous number of 60.000 % for 2022. Economic Activity Rate: NC: Republic of Dagestan data is updated yearly, averaging 62.050 % from Dec 2000 (Median) to 2023, with 24 observations. The data reached an all-time high of 67.200 % in 2008 and a record low of 55.100 % in 2020. Economic Activity Rate: NC: Republic of Dagestan 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.

The ratio of government expenditure to GDP in Russia was forecast to decrease between 2024 and 2029 by in total 0.01 percentage points. This overall decrease does not happen continuously, notably not in 2026, 2027 and 2029. The ratio is estimated to amount to 37.31 percent in 2029. Depicted here is the general government expenditure as a share of the national gross domestic product. According to the International Monetary Fund, the general government expenditure consists of total expense and the net acquisition of nonfinancial assets. The gross domestic product represents the total value of final goods and services produced during a year.Find more statistics on other topics about Russia with key insights such as the gross domestic product per capita, the total population, and the budget balance in relation to the gross domestic product.

Economic Activity Rate: SF: Volgograd Region data was reported at 61.400 % in 2023. This records an increase from the previous number of 60.700 % for 2022. Economic Activity Rate: SF: Volgograd Region data is updated yearly, averaging 64.450 % from Dec 2000 (Median) to 2023, with 24 observations. The data reached an all-time high of 67.500 % in 2013 and a record low of 58.900 % in 2019. Economic Activity Rate: SF: Volgograd 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.

Economic Activity Rate: VR: Republic of Bashkortostan data was reported at 58.700 % in 2023. This records a decrease from the previous number of 59.200 % for 2022. Economic Activity Rate: VR: Republic of Bashkortostan data is updated yearly, averaging 64.700 % from Dec 2000 (Median) to 2023, with 24 observations. The data reached an all-time high of 67.400 % in 2011 and a record low of 57.800 % in 2019. Economic Activity Rate: VR: Republic of Bashkortostan 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: CF: Moscow Region data was reported at 66.800 % in 2023. This records an increase from the previous number of 65.200 % for 2022. Economic Activity Rate: CF: Moscow Region data is updated yearly, averaging 69.250 % from Dec 2000 (Median) to 2023, with 24 observations. The data reached an all-time high of 72.800 % in 2012 and a record low of 65.000 % in 2021. Economic Activity Rate: CF: Moscow 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.

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.

Economic Activity Rate: FE: Republic of Sakha (Yakutia) data was reported at 67.100 % in 2023. This records an increase from the previous number of 66.300 % for 2022. Economic Activity Rate: FE: Republic of Sakha (Yakutia) data is updated yearly, averaging 68.950 % from Dec 2000 (Median) to 2023, with 24 observations. The data reached an all-time high of 71.200 % in 2003 and a record low of 66.300 % in 2022. Economic Activity Rate: FE: Republic of Sakha (Yakutia) 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.

Graph and download economic data for National Accounts: GDP by Expenditure: Constant Prices: Gross Domestic Product: Total for Russia (NAEXKP01RUQ657S) from Q2 2003 to Q3 2021 about Russia, real, and GDP.