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.

The Gross Domestic Product (GDP) in Russia was worth 2173.84 billion US dollars in 2024, according to official data from the World Bank. The GDP value of Russia represents 2.05 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 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.

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) in Russia expanded 1.10 percent in the second 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.

Since 1980, Europe's largest economies have consistently been France, Germany, Italy, Spain, and the United Kingdom, although the former Soviet Union's economy was the largest in the 1980s, and Russia's economy has been larger than Spain's since 2010. Since Soviet dissolution, Germany has always had the largest economy in Europe, while either France or the UK has had the second largest economy depending on the year. Italy's economy was of a relatively similar size to that of the UK and France until the mid-2000s when it started to diverge, resulting in a difference of approximately 800 billion U.S dollars by 2018. Russia's economy had overtaken both Italy and Spain's in 2012, but has fallen since 2014 due to the drop in international oil prices and the economic sanctions imposed for its annexation of Crimea - economic growth is expected to be comparatively low in Russia in the coming years due to the economic fallout of its invasion of Ukraine in 2022. In 2025, Germany, now the world's third-largest economy, was estimated at over *** trillion U.S. dollars.

Key information about Russia Market Capitalization: % of GDP

• Russia Market Capitalization accounted for 2.8 % of its Nominal GDP in Dec 2024, compared with a percentage of 2.9 % in the previous year
• Russia Market Capitalization: % Nominal GDP is updated yearly, available from Dec 1997 to Dec 2024
• The data reached an all-time high of 33.3 % in Dec 2003 and a record low of 2.8 % in Dec 2024

CEIC calculates annual Market Capitalization as % of Nominal GDP from monthly Market Capitalization and annual Nominal GDP. Moscow Exchange provides Market Capitalization in USD. Federal State Statistics Service provides Nominal GDP in local currency. The Bank of Russia average market exchange rate is used for currency conversions

GDP Constant Prices in Russia increased to 34845.80 RUB Billion in the second quarter of 2025 from 32719.96 RUB Billion in the first quarter of 2025. This dataset provides - Russia GDP Constant Prices - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Russia: Population size, in millions: The latest value from 2024 is 143.53 million, a decline from 143.83 million in 2023. In comparison, the world average is 41.28 million, based on data from 196 countries. Historically, the average for Russia from 1960 to 2024 is 140.23 million. The minimum value, 119.9 million, was reached in 1960 while the maximum of 148.54 million was recorded in 1992.

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: Informal economy, DGE method: The latest value from 2020 is 39.1 percent, a decline from 39.6 percent in 2019. In comparison, the world average is 28.16 percent, based on data from 156 countries. Historically, the average for Russia from 1990 to 2020 is 39.49 percent. The minimum value, 38.3 percent, was reached in 1995 while the maximum of 40.6 percent was recorded in 2006.

Russia's oil and gas industry accounted for over ** percent of the country's gross domestic product (GDP) in 2024. That constituted a slight decrease compared to the previous year.

Key information about Russia Private Debt: % of Nominal GDP

• Russia Private Debt accounted for 56.28 % of its Nominal GDP in Dec 2023, compared with a ratio of 57.11 % in the previous quarter
• Russia Private Debt contribution to Nominal GDP ratio is updated quarterly, available from Sep 2002 to Dec 2023, with an average share of 41.61 %
• The data reached an all-time high of 57.11 % in Sep 2023 and a record low of 15.62 % in Sep 2002

CEIC calculates quarterly Private Debt as % of Nominal GDP from monthly Private Debt and quarterly Nominal GDP. Private Debt is calculated as the sum of Loans to Non Financial Institutions, Individual Entrepreneurs and Individuals. The Bank of Russia provides Private Debt in local currency. Federal State Statistics Service provides Nominal GDP in local currency based on SNA 2008. Private Debt as % of Nominal GDP prior to Q4 2011 is calculated from Private Debt based on old classification and Nominal GDP based on SNA 1993. Private Debt is calculated as the sum of Loans to Non Financial Resident Organisations and Resident Individuals.

Russia Federal Loan Bonds (OFZ): Market Size data was reported at 7,325.000 RUB bn in Dec 2018. This records an increase from the previous number of 7,287.000 RUB bn for Nov 2018. Russia Federal Loan Bonds (OFZ): Market Size data is updated monthly, averaging 4,812.000 RUB bn from Dec 2011 (Median) to Dec 2018, with 85 observations. The data reached an all-time high of 7,325.000 RUB bn in Dec 2018 and a record low of 2,897.000 RUB bn in Jan 2012. Russia Federal Loan Bonds (OFZ): Market Size data remains active status in CEIC and is reported by The Central Bank of the Russian Federation. The data is categorized under Russia Premium Database’s Financial Market – Table RU.ZD001: Federal Loan Bonds (OFZ) Market: Non-Residents Share.

The Russian satellite-based Earth observation market is experiencing robust growth, driven by increasing government investment in space technology, a focus on national security, and the expanding applications of Earth observation data across various sectors. The market's Compound Annual Growth Rate (CAGR) of 7.58% from 2019 to 2024 suggests a substantial market expansion. Considering this trajectory and the continued advancements in satellite technology, the market is projected to maintain a similar growth rate through 2033. Key drivers include the nation's strategic interests in monitoring its vast territory for resource management, infrastructure development, and environmental protection. The increasing adoption of Earth observation data for precision agriculture, urban planning, and climate change mitigation further fuels market expansion. While precise market sizing for 2025 is unavailable, estimating based on the provided CAGR and a plausible 2024 market size (let's assume $500 million for illustration), the 2025 market size could be around $537.9 million ($500 million * 1.0758). The market is segmented by data type (Earth observation data and value-added services), satellite orbit (Low Earth Orbit, Medium Earth Orbit, Geostationary Orbit), and end-use (urban development, agriculture, climate services, energy, infrastructure, and others). Competition is largely dominated by state-owned enterprises like Roscosmos and Gazprom Space Systems, alongside private players such as SCANEX Group and Dauria Aerospace. The future growth of the Russian satellite-based Earth observation market hinges on technological advancements, particularly in high-resolution imagery and data analytics. Government policies supporting the development and deployment of domestic satellite constellations will be critical. The increasing integration of AI and machine learning in data processing and interpretation will further enhance the value proposition of Earth observation services. However, potential restraints include economic sanctions affecting access to international technology and collaborations, as well as the need for skilled professionals to manage and interpret the vast amounts of generated data. Despite these challenges, the long-term outlook for the Russian satellite-based Earth observation market remains positive, driven by the strategic importance of this technology for national development and global competitiveness. Recent developments include: April 2023: The Russian government made a commitment to maintain its participation in the International Space Station (ISS) through at least 2028. NASA has reported that Russia has affirmed its dedication to supporting the station until 2028. The other partners, including NASA, the Canadian Space Agency, the European Space Agency, and the Japan Aerospace Exploration Agency, have agreed to extend the station's operations through 2030., August 2022: The satellite, named "Khayyam" after a Persian mathematician from the 12th century, is set to launch as part of an agreement between Russia's Roscosmos space agency and Iran, a collaboration that has been in the works for nearly four years. The Kanopus-V system, developed and launched by Russia, will feature a high-resolution camera providing Tehran with potential capabilities, including near-constant monitoring of sensitive facilities in Israel and the Persian Gulf region.. Key drivers for this market are: Government Initiatives and Support, Rising Need for Advanced Surveillance Capabilities. Potential restraints include: Government Initiatives and Support, Rising Need for Advanced Surveillance Capabilities. Notable trends are: Government Initiatives and Support to Drive the Market Growth.

Key information about Russia Household Debt

• Russia Household Debt reached 395.3 USD bn in Jan 2025, compared with the reported number of 382.7 USD bn in the previous month
• Russia Household Debt: USD mn data is updated monthly, available from Dec 2000 to Jan 2025
• The data reached an all-time high of 525.1 USD bn in Jun 2022 and a record low of 1.7 USD bn in Dec 2000

CEIC converts monthly Household Debt into USD. The Bank of Russia provides Household Debt in local currency based on MFSM 2016. The Bank of Russia period end market exchange rate is used for currency conversions. Loans are used due to the lack of Flow of Funds statistics. Household Debt prior to December 2014 is based on MFSM 2000.


Further information about Russia Household Debt

• In the latest reports, Russia Household Debt accounted for 20.4 % of the country's Nominal GDP in Mar 2024
• Money Supply M2 in Russia increased 1,189.6 USD bn YoY in Jan 2025
• Russia Foreign Exchange Reserves was measured at 386.4 USD bn in Jan 2025
• The Foreign Exchange Reserves equaled 14.9 Months of Import in Oct 2024
• Russia Domestic Credit reached 1,404.0 USD bn in Dec 2024, representing an increased of 19.6 % YoY

Key information about Russia Employed Persons

• Russia Employed Persons was reported at 73,500,000.000 Person in Jan 2025
• It recorded a decrease from the previous number of 74,200,000.000 Person for Dec 2024
• Russia Employed Persons data is updated monthly, averaging 70,376,000.000 Person from Jan 1993 to Jan 2025, with 385 observations
• The data reached an all-time high of 74,800,000.000 Person in Nov 2024 and a record low of 60,400,000.000 Person in Jan 1999
• Russia Employed Persons 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: Employed Persons: Monthly

Federal State Statistics Service provides monthly Employed Persons. Employed Persons prior to Jan 2017 covers age range of 15 to 72.

Key information about Russia Tourism Revenue Growth

• Russia Tourism Revenue dropped 71.2 % YoY in Dec 2020, compared with a decrease of -8.0 % YoY in the previous year
• Russia Tourism Revenue Growth rate data is updated yearly, available from Dec 2002 to Dec 2020
• The data reached an all-time high of 28.1 % in Dec 2011 and a record low of -71.2 % in Dec 2020

CEIC calculates annual Tourism Revenue Growth from annual Tourism Revenue. The World Bank provides Tourism Revenue in USD.

Following Russia’s invasion of Ukraine on 24 February, we've looked at which industries across the globe are likely to be most affected by the economic effects of the invasion.