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.

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Russia GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-3.10 -3.40 12.10 -11.20 1996 - 2020 percent Quarterly


Calendar GMT Actual Previous Consensus TEForecast
2020-09-09 04:00 PM YoY Final Q2 -8% 1.6% -8.5% -9.6%
2020-11-12 04:00 PM YoY Prel Q3 -3.6% -8% -4.5% -4%
2020-12-11 04:00 PM YoY Final Q3 -3.4% -8% -3.6% -3.6%
2021-02-01 04:00 PM Full Year GDP Growth 2020 -3.1% 2%
2021-04-01 04:00 PM YoY Q4 -3.4%
2021-05-19 04:00 PM YoY Prel Q1
2021-06-17 04:00 PM YoY Final Q1
2021-08-11 04:00 PM YoY Prel Q2
Go to our Calendar for more events. Or learn more about the Calendar API for direct access.


News Stream
Russia GDP Contracts the Most in 11 Years
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.
2021-02-01
Russia GDP Contracts Less than Initially Thought
Russia's gross domestic product shrank 3.4 percent year-on-year in the third quarter of 2020, easing from an 8.0 percent contraction in the previous three-month period and compared with a preliminary estimate of a 3.6 percent decline. The Russian economy slid into recession this year as the coronavirus outbreak and lockdown measures to curb its spread hit activity and demand. The hotels & restaurants sector was the biggest driver of the contraction, falling 25.9 percent in the July to September period after the second quarter's 56.9 percent tumble. In addition, output dropped for wholesale & retail trade; transportation & storage; professional, scientific & technical activities; and education. Mining & quarrying was down 12.3 percent and utilities output fell 2.6 percent, while manufacturing production was unchanged.
2020-12-11
Russia GDP Contracts 3.6% YoY in Q3
Russia's gross domestic product shrank 3.6 percent year-on-year in the third quarter of 2020, following an 8 percent slump in the previous period and compared to market expectations of a 4.5 percent contraction, preliminary estimates showed. The Russian economy has been battered by rising coronavirus infections, as well as low oil prices. According to the Bank of Russia’s estimates, the Russian economy’s contraction in 2020 will be in the range of 4.0-5.0% and the recovery growth rate in 2021 is estimated in the range of 3.0-4.0%.
2020-11-12
Russia Q2 GDP Contraction Revised Lower
Russia's economy shrank 8 percent year-on-year in the second quarter of 2020, compared to preliminary estimates of an 8.5 percent contraction and after a 1.6 percent expansion in the previous period. Still, it remained the steepest pace of contraction since the third quarter of 2009 due to the coronavirus pandemic and associated lockdown measures, as well as falling oil prices. Output fell for mining (-12.8 percent); manufacturing (-7.9 percent); wholesale and retail trade; repair of motor vehicles & motorcycles (-12.7 percent) and transportation and storage (-19.3 percent).
2020-09-09

Russia GDP Annual Growth Rate
Russia is one of the world's leading producers of oil and natural gas and is also a top exporter of metals such as steel and primary aluminum. On the production side, services are the biggest sector of the economy and account for 58 percent of GDP. Within services the most important segments are: wholesale and retail trade (17 percent of total GDP); and public administration, health and education (12 percent). Industry constitutes 40 percent to total output and agriculture accounts for the remaining 2 percent.