Russia’s gross domestic product expanded by 5.5% from the previous year in the third quarter of 2023, matching preliminary estimates and accelerating from the 4.9% growth in the previous three-month period, final reading showed. It was the fastest growth rate since the second quarter of 2021, aided by higher benchmark prices for key Russian commodities, the restoration of supply chains following the West’s exclusion of the country from major financial markets, a low base year due to the war, and the evasion of Western oil price cap. source: Federal State Statistics Service

The Gross Domestic Product (GDP) in Russia expanded 5.50 percent in the third quarter of 2023 over the same quarter of the previous year. GDP Annual Growth Rate in Russia averaged 2.62 percent from 1996 until 2023, 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 December of 2023.

The Gross Domestic Product (GDP) in Russia expanded 5.50 percent in the third quarter of 2023 over the same quarter of the previous year. GDP Annual Growth Rate in Russia is expected to be 1.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Russia GDP Annual Growth Rate is projected to trend around 0.50 percent in 2024 and 1.20 percent in 2025, according to our econometric models.

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Russia GDP Annual Growth Rate


Calendar GMT Reference Actual Previous Consensus TEForecast
2023-11-15 04:00 PM YoY Prel Q3 5.5% 4.9% 4.8% 5.1%
2023-12-13 04:00 PM YoY Final Q3 5.5% 4.9% 5.5% 5.5%
2024-04-08 04:00 PM YoY Q4 5.5%


Related Last Previous Unit Reference
GDP Annual Growth Rate 5.50 4.90 percent Sep 2023
GDP Constant Prices 35304.00 32762.90 RUB Billion Sep 2023
Gross Fixed Capital Formation 6614.10 4484.00 RUB Billion Jun 2023
Full Year GDP Growth -2.10 5.60 percent Dec 2022
GDP from Utilities 600.60 663.60 RUB Billion Sep 2023
GDP from Transport 1901.60 1893.90 RUB Billion Sep 2023
GDP from Public Administration 2230.50 2225.30 RUB Billion Sep 2023
GDP from Mining 3898.40 3936.50 RUB Billion Sep 2023
GDP from Manufacturing 4661.70 4386.50 RUB Billion Sep 2023
GDP from Construction 1688.60 1482.50 RUB Billion Sep 2023
GDP from Agriculture 2401.00 1011.50 RUB Billion Sep 2023
Gross National Product 65166840.30 59321789.00 RUB Million Dec 2015

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.
Actual Previous Highest Lowest Dates Unit Frequency
5.50 4.90 12.10 -11.20 1996 - 2023 percent Quarterly

News Stream
Russia Q3 GDP Growth in Line with Estimates
Russia’s gross domestic product expanded by 5.5% from the previous year in the third quarter of 2023, matching preliminary estimates and accelerating from the 4.9% growth in the previous three-month period, final reading showed. It was the fastest growth rate since the second quarter of 2021, aided by higher benchmark prices for key Russian commodities, the restoration of supply chains following the West’s exclusion of the country from major financial markets, a low base year due to the war, and the evasion of Western oil price cap.
2023-12-13
Russian GDP Expands the Most in 2 Years
Russia’s gross domestic product expanded by 5.5% from the previous year in the third quarter of 2023, beating market expectations of a 4.8% expansion and accelerating from the 4.9% growth in the previous three-month period, preliminary estimates showed. It was the fastest growth rate since the second quarter of 2021, aided by higher benchmark prices for key Russian commodities, the restoration of supply chains following the West’s exclusion of Russia from key financial markets, and a low base year due to economic retaliation against Russia’s invasion of Ukraine.
2023-11-15
Russia Economy Expands 4.9% in Q2
Russia’s gross domestic product sharply increased by 4.9% year-on-year in the second quarter of 2023, recovering from a 1.8% contraction in the previous period and aligned with the preliminary estimate. Notably, it marks Russia's first GDP expansion since the first quarter of 2022, when the nation's invasion of Ukraine led to international sanctions. The expansion is seen as a positive sign by the Central Bank of Russia, indicating a recovery in domestic demand and foreign trade from the shocks of Western sanctions, strengthening the case for interest rate hikes. The sectors contributing to GDP growth include agriculture, forestry, hunting, and fishing (4%), manufacturing industries (10.6%), construction (11.7%), wholesale and retail (11%), hotels and restaurants (15.2%) and activities in the field of information and communication (3.5%). On the other hand, the economy contracted for health and social services (-3.2%) and water supply, sewerage, and wastewater disposal (-1.7%).
2023-09-08