Russia's gross domestic product grew by 1.5 percent year-on-year in the third quarter of 2018, up from a preliminary estimate of 1.3 percent and following a 1.9 percent expansion reported in the previous three-month period. Output growth slowed for accommodation & food service activities; transportation & storage; public administration & defense; and information & communication as the positive contribution from the soccer World Cup eased. In addition, manufacturing expansion also slowed and agriculture contracted, while financial & insurance activities, wholesale & retail trade and construction output advanced faster. GDP Annual Growth Rate in Russia averaged 2.99 percent from 1996 until 2018, reaching an all time high of 12.10 percent in the fourth quarter of 1999 and a record low of -11.20 percent in the second quarter of 2009.
GDP Annual Growth Rate in Russia is expected to be 1.20 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Russia to stand at 1.50 in 12 months time. In the long-term, the Russia GDP Annual Growth Rate is projected to trend around 2.30 percent in 2020, according to our econometric models.