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 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.

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 1.9 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.

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.

Over 60 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.

Russia MED Forecast: Export Products: Oil and Gas: as % of GDP: Conservative Scenario data was reported at 9.936 % in 2026. This records a decrease from the previous number of 10.293 % for 2025. Russia MED Forecast: Export Products: Oil and Gas: as % of GDP: Conservative Scenario data is updated yearly, averaging 11.165 % from Dec 2020 (Median) to 2026, with 7 observations. The data reached an all-time high of 15.129 % in 2022 and a record low of 9.936 % in 2026. Russia MED Forecast: Export Products: Oil and Gas: as % of GDP: 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 – Table RU.JAA005: Foreign Trade Summary: Forecast: Ministry of Economic Development: Annual. Data release delayed due to the Ukraine-Russia conflict. No estimation on next release date can be made.

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.

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 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.

Following a survey of 27 economists, the Central Bank of Russia forecast an average annual inflation rate of *** percent and a ***-percent growth in gross domestic product (GDP) in the country in 2025. For the following year, a lower inflation rate was projected. In 2027, the Central Bank forecast a GDP growth of *** percent and an annual key interest rate of ** percent.

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.

MED Forecast: GDP: Baseline Scenario data was reported at 324,092.798 RUB bn in 2036. This records an increase from the previous number of 303,117.368 RUB bn for 2035. MED Forecast: GDP: Baseline Scenario data is updated yearly, averaging 168,051.266 RUB bn from Dec 2016 (Median) to 2036, with 21 observations. The data reached an all-time high of 324,092.798 RUB bn in 2036 and a record low of 78,673.032 RUB bn in 2016. MED Forecast: GDP: 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 – Table RU.AA029: GDP: Forecast: Ministry of Economic Development: Annual.

GDP from Transport in Russia decreased to 1833.50 RUB Billion in the first quarter of 2025 from 2128.30 RUB Billion in the fourth quarter of 2024. This dataset provides the latest reported value for - Russia Gdp From Transport - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

GDP from Manufacturing in Russia decreased to 4553.40 RUB Billion in the first quarter of 2025 from 5845.60 RUB Billion in the fourth quarter of 2024. This dataset provides the latest reported value for - Russia Gdp From Manufacturing - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

FocusEconomics' economic data is provided by official state statistical reporting agencies as well as our global network of leading banks, think tanks and consultancies. Our datasets provide not only historical data, but also Consensus Forecasts and individual forecasts from the aformentioned global network of economic analysts. This includes the latest forecasts as well as historical forecasts going back to 2010. Our global network consists of over 1000 world-renowned economic analysts from which we calculate our Consensus Forecasts. In this specific dataset you will find economic data for Russia GDP.

Russia MED Forecast:(GDP) Gross Domestic ProductDeflator: YoY: Conservative Scenario data was reported at 3.665 % in 2026. This records an increase from the previous number of 2.411 % for 2025. Russia MED Forecast:(GDP) Gross Domestic ProductDeflator: YoY: Conservative Scenario data is updated yearly, averaging 3.938 % from Dec 2020 (Median) to 2026, with 7 observations. The data reached an all-time high of 15.800 % in 2022 and a record low of 0.900 % in 2020. Russia MED Forecast:(GDP) Gross Domestic ProductDeflator: 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 benchmark interest rate in Russia was last recorded at 20 percent. This dataset provides the latest reported value for - Russia Interest Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

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.

Industrial Production in Russia increased 1.80 percent in May of 2025 over the same month in the previous year. This dataset provides - Russia Industrial Production - actual values, historical data, forecast, chart, statistics, economic calendar and news.