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 expanded 1.3 % YoY in Jun 2025, following a growth of 1.5 % in the previous quarter.
• Real GDP Growth YoY data in Russia is updated quarterly, available from Mar 1996 to Jun 2025, with an average rate of 0.8 %.
• The data reached an all-time high of 12.0 % in Dec 1981 and a record low of -0.2 % in Dec 2015.

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 612.6 USD bn in Jun 2025.
• Its GDP deflator (implicit price deflator) increased 3.6 % in Jun 2025.
• GDP Per Capita in Russia reached 13,817.0 USD in Dec 2023.
• Its Gross Savings Rate was measured at 26.1 % in Jun 2025.
• For Nominal GDP contributions, Investment accounted for 25.1 % in Jun 2025.
• Public Consumption accounted for 20.1 % in Jun 2025.
• Private Consumption accounted for 53.8 % in Jun 2025.

The Gross Domestic Product (GDP) in Russia expanded 0.60 percent in the third 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.

Monthly and long-term Russia economic indicators data: historical series and analyst forecasts curated by FocusEconomics.

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

Since the beginning of the 21st century, the BRICS countries have been considered the five foremost developing economies in the world. Originally, the term BRIC was used by economists when talking about the emerging economies of Brazil, Russia, India, and China, however these countries have held annual summits since 2009, and the group has expanded to include South Africa since 2010. China has the largest GDP of the BRICS country, at 16.86 trillion U.S. dollars in 2021, while the others are all below three trillion. Combined, the BRICS bloc has a GDP over 25.85 trillion U.S. dollars in 2022, which is slightly more than the United States. BRICS economic development China has consistently been the largest economy of this bloc, and its rapid growth has seen it become the second largest economy in the world, behind the U.S.. China's growth has also been much faster than the other BRICS countries; for example, when compared with the second largest BRICS economy, its GDP was less than double the size of Brazil's in 2000, but is almost six times larger than India's in 2021. Since 2000, the country with the second largest GDP has fluctuated between Brazil, Russia, and India, due to a variety of factors, although India has held this position since 2015 (when the other two experienced recession), and it's growth rate is on track to surpass China's in the coming decade. South Africa has consistently had the smallest economy of the BRICS bloc, and it has just the third largest economy in Africa; its inclusion in this group is due to the fact that it is the most advanced and stable major economy in Africa, and it holds strategic importance due to the financial potential of the continent in the coming decades. Future developments It is predicted that China's GDP will overtake that of the U.S. by the end of the 2020s, to become the largest economy in the world, while some also estimate that India will also overtake the U.S. around the middle of the century. Additionally, the BRICS group is more than just an economic or trading bloc, and its New Development Bank was established in 2014 to invest in sustainable infrastructure and renewable energy across the globe. While relations between its members were often strained or of less significance in the 20th century, their current initiatives have given them a much greater international influence. The traditional great powers represented in the Group of Seven (G7) have seen their international power wane in recent decades, while BRICS countries have seen theirs grow, especially on a regional level. Today, the original BRIC countries combine with the Group of Seven (G7), to make up 11 of the world's 12 largest economies, but it is predicted that they will move further up on this list in the coming decades.

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 gross internal expenditure on the digital economy accounted for *** percent of Russia's gross domestic product (GDP) in 2023. The share decreased from 2020 when it peaked at *** percent of GDP.

Key information about Russia Private Debt: % of Nominal GDP

• Russia Private Debt accounted for 54.92 % of its Nominal GDP in Dec 2023, compared with a ratio of 56.01 % 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 40.83 %
• The data reached an all-time high of 56.01 % 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 recorded a Government Budget deficit equal to 1.70 percent of the country's Gross Domestic Product in 2024. This dataset provides - Russia Government Budget - actual values, historical data, forecast, chart, statistics, economic calendar and news.

The size of the five original BRICS economies in 2023 - Brazil, Russia, China, India, South Africa - is comparable to the United States and the EU-27 put together. On a PPP (purchasing power parity) basis, China ranks as the world's largest economy. India takes up the economic parity of about **** the EU-27. The rise of these developing economies gave rise to questions on the role the United States plays in international trade and cross-border finance. FX reserve managers around the world expect to shift their holdings towards the Chinese yuan in the long term, as of 2023.

Discover the booming Russian satellite-based Earth observation market. Explore its 7.58% CAGR, key drivers, restraints, and leading companies. Learn about market segmentation and future growth projections to 2033. Get insights into the role of Roscosmos and other key players in this expanding sector. 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.

With a Gross Domestic Product of over 4.3 trillion Euros, the German economy was by far the largest in Europe in 2024. The similarly sized economies of the United Kingdom and France were the second and third largest economies in Europe during this year, followed by Italy and Spain. The smallest economy in this statistic is that of the small Balkan nation of Montenegro, which had a GDP of 7.4 billion Euros. In this year, the combined GDP of the 27 member states that compose the European Union amounted to approximately 17.95 trillion Euros. The big five Germany’s economy has consistently had the largest economy in Europe since 1980, even before the reunification of West and East Germany. The United Kingdom, by contrast, has had mixed fortunes during the same period and had a smaller economy than Italy in the late 1980s. The UK also suffered more than the other major economies during the recession of the late 2000s, meaning the French economy was the second largest on the continent for some time afterward. The Spanish economy was continually the fifth-largest in Europe in this 38-year period, and from 2004 onwards, has been worth more than one trillion Euros. The smallest GDP, the highest economic growth in Europe Despite having the smallerst GDP of Europe, Montenegro emerged as the fastest growing economy in the continent, achieving an impressive annual growth rate of 4.5 percent, surpassing Turkey's growth rate of 4 percent. Overall,this Balkan nation has shown a remarkable economic recovery since the 2010 financial crisis, with its GDP projected to grow by 28.71 percent between 2024 and 2029. Contributing to this positive trend are successful tourism seasons in recent years, along with increased private consumption and rising imports. Europe's economic stagnation Malta, Albania, Iceland, and Croatia were among the countries reporting some of the highest growth rates this year. However, Europe's overall performance reflected a general slowdown in growth compared to the trend seen in 2021, during the post-pandemic recovery. Estonia experienced the sharpest negative growth in 2023, with its economy shrinking by 2.3% compared to 2022, primarily due to the negative impact of sanctions placed on its large neighbor, Russia. Other nations, including Sweden, Germany, and Finland, also recorded slight negative growth.

Key information about Russia Employed Persons

• Russia Employed Persons was reported at 74,577,985.315 Person in Sep 2025
• It recorded a decrease from the previous number of 74,956,856.380 Person for Aug 2025
• Russia Employed Persons data is updated monthly, averaging 69,600,000.000 Person from Jan 1993 to Sep 2025, with 393 observations
• The data reached an all-time high of 74,998,467.737 Person in Jul 2025 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

• Russia's Tourism Revenue reached 5 USD bn in Dec 2020, compared with 17 USD bn in the previous year
• Russia's Tourism Revenue data is updated yearly, available from Dec 2001 to Dec 2020
• The data reached an all-time high of 20,198 USD mn in Dec 2013 and a record low of 4,726 USD mn in Dec 2001

The World Bank provides annual 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.

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.