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%). source: Federal State Statistics Service

GDP Annual Growth Rate in Russia averaged 2.59 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 October of 2023.

GDP Annual Growth Rate in Russia is expected to be 3.50 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
2023-08-11 04:00 PM YoY Prel Q2 4.9% -1.8% 4.7% 4.2%
2023-09-08 04:00 PM YoY Final Q2 4.9% -1.8% 4.9%
2023-11-15 04:00 PM YoY Prel Q3 4.9% 3.5%


Related Last Unit Reference
GDP Annual Growth Rate 4.90 percent Jun 2023
GDP Constant Prices 32762.90 RUB Billion Jun 2023
Gross Fixed Capital Formation 6614.10 RUB Billion Jun 2023
Full Year GDP Growth -2.10 percent Dec 2022
GDP from Utilities 663.60 RUB Billion Jun 2023
GDP from Transport 1893.90 RUB Billion Jun 2023
GDP from Public Administration 2225.30 RUB Billion Jun 2023
GDP from Mining 3936.50 RUB Billion Jun 2023
GDP from Manufacturing 4386.50 RUB Billion Jun 2023
GDP from Construction 1482.50 RUB Billion Jun 2023
GDP from Agriculture 1011.50 RUB Billion Jun 2023
Gross National Product 65166840.30 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
4.90 -1.80 12.10 -11.20 1996 - 2023 percent Quarterly

News Stream
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
Russia Economy Rebounds in Q2
Russia's gross domestic product expanded by 4.9% year-on-year in the second quarter of 2023, compared with market expectations of a 4.7% advance and recovering from a 1.8% contraction in the previous period, preliminary estimates showed. It was the first expansion since the first quarter of 2022 when Russia invaded Ukraine and associated international sanctions started to roll over.
2023-08-11
Russian GDP Contracts Less than Expected
Russia’s gross domestic product fell by 1.8% year-on-year in the first quarter of 2023, easing from the 2.7% decline in the previous quarter and revised lower from the preliminary estimate of 2.2%. Still, it marked the fourth consecutive contraction of the Russian GDP due to Western sanctions in response to Moscow’s full-scale invasion of Ukraine. The eased contraction also supported the Central Bank of Russia’s view that domestic demand and foreign trade are recovering from the shocks caused by Western sanctions, strengthening the case for interest rate hikes. The GDP contracted for mining (-4.9%), utility production (-0.8%), water supply, sewerage, and wastewater disposal (-10.8%), and activities in the field of information and communication (-5.4%). On the other hand, the economy expanded for agriculture, forestry, hunting, and fishing (3.4%) and manufacturing industries (0.3%).
2023-06-15