Russia's gross domestic product shrank 3.1 percent in 2020, compared to a 2 percent expansion in 2019 but better than the central bank projection of a decline of 3.9 percent, preliminary estimates showed. It was the sharpest annual contraction in eleven years amid the novel coronavirus pandemic and a drop in global demand for energy resources. The economy ministry expects GDP to return to growth in 2021, expanding by 3.3 percent. Data from last December showed the economy shrank 3.4 percent in the third quarter of 2020, easing from an 8 percent contraction in the previous three-month period. source: Federal State Statistics Service
GDP Annual Growth Rate in Russia averaged 2.74 percent from 1996 until 2020, 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. This page 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. Russia GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on February of 2021.
GDP Annual Growth Rate in Russia is expected to be -2.80 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 3.60 in 12 months time. In the long-term, the Russia GDP Annual Growth Rate is projected to trend around 3.00 percent in 2021 and 3.20 percent in 2022, according to our econometric models.