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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.
Published on 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.
Published on 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%.
Published on 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).
Published on 2020-09-09

Russia Q2 GDP Contracts 8.5% as Coronavirus Bites
Russia's economy shrank 8.5 percent year-on-year in the second quarter of 2020, the steepest pace of contraction since the third quarter of 2009 and compared to market expectations of a 9 percent slump, amid the adverse impact of the global pandemic and associated lockdown measures, as well as falling oil prices, a preliminary estimate showed. The Economic Development Ministry had previously estimated GDP contraction in the second quarter at 9.6 percent, saying restrictions to combat the spread of the coronavirus ravaged economic activity.
Published on 2020-08-11

Russia Q1 GDP Growth Confirmed at 1.6%
Russia's economic growth slowed to 1.6 percent year-on-year in the first quarter of 2020 from 2.1 percent in the previous three-month period in line with preliminary estimates. Growth was mainly supported by financial and insurance activities (9.8 percent); wholesale and retail trade; repair of motor vehicles and motorcycles (4.9 percent) and manufacturing (3.6 percent); agriculture (2.3 percent).
Published on 2020-06-17

Russia Q1 GDP Growth Weaker than Expected
Russia's economic growth slowed to 1.6 percent year-on-year in the first quarter of 2020 from 2.1 percent in the previous three-month period and below market market expectations of 1.9 percent, a preliminary estimate showed. The Economic Development Ministry had previously estimated GDP growth in the first quarter at 1.8 percent, saying economic activity was constrained mainly by a worsening foreign economic environment against the backdrop of price drops for commodities and coronavirus-related lockdown measures in a number of trading partners.
Published on 2020-05-19

Russia Q4 GDP Growth Picks Up to 1-Year High
Russia’s GDP expanded 2.1 percent year-on-year in the fourth quarter of 2019, accelerating from a downwardly revised 1.5 percent advance in the previous period and in line with market expectations. It was the highest GDP growth since Q4 2018, as gross fixed capital formation went up 12.1 percent, compared to a 3.2 percent increase in Q3. Meantime, household consumption climbed 2.5 and government expenditure rose 2.3 percent, both unchanged from the prior quarter. On the other hand, net foreign trade contributed negatively to growth, as exports slumped 2.5 percent (vs -0.8 percent in Q3) while imports rose 10.1 percent (vs 4.5 percent). Considering full 2019, the economy grew 1.3 percent, in line with preliminary estimates and slowing from a 2.5 percent expansion in 2018. The Russian economy is expected to slip into recession in 2020 amid low oil prices and the coronavirus outbreak.
Published on 2020-04-01

Russia GDP Growth Slows to 1.3% in 2019
Russia’s GDP expanded 1.3 percent in 2019, easing from a 2.5 percent advance in the previous year, preliminary estimates showed. Net foreign trade contributed negatively to growth, as exports slumped 2.1 percent (vs 5.5 percent in 2018) while imports rose 2.2 percent (vs 2.6 percent). Also, household consumption slowed (2.3 percent vs 3.3 percent) while government expenditure (2.8 percent vs 1.3 percent) and gross fixed capital formation (1.4 percent vs 0.1 percent) rose faster. Data from last December showed the economy expanded 1.7 percent in the third quarter, accelerating from a 0.9 percent gain in the previous three-month period.
Published on 2020-02-03

Russia Q3 GDP Growth Confirmed at 1.7%
Russia's gross domestic product grew by 1.7 percent year-on-year in the third quarter of 2019, following a 0.9 percent expansion in the previous period and beating market expectations of 1.6 percent, preliminary data showed. Growth was mainly supported by agriculture, industry, and wholesale trade.
Published on 2019-12-12

Russia Q3 GDP Growth Beats Forecasts
Russia's gross domestic product grew by 1.7 percent year-on-year in the third quarter of 2019, following a 0.9 percent expansion in the previous period and beating market expectations of 1.6 percent, preliminary data showed. Growth was mainly supported by agriculture, industry, and wholesale trade.
Published on 2019-11-13

Russia Q2 GDP Growth Confirmed at 0.9%
Russia’s annual economic growth was confirmed at 0.9 percent in the second quarter of 2019, accelerating from an over two-year low of 0.5 percent in the previous period. Industrial activity was mainly supported by utilities output; and financial & insurance activities growth accelerated while real estate activities and public administration & defence rebounded.
Published on 2019-09-09

Russian Economy Grows 0.9% in Q2
Russia's GDP expanded by 0.9 percent year-on-year in the second quarter of 2019, accelerating from an over two-year low of 0.5 percent in the previous period, preliminary data showed. Industrial production was the main driver of growth.
Published on 2019-08-12

Russia Q1 GDP Growth Confirmed at 2-Year Low
Russia’s gross domestic product grew by 0.5 percent year-on-year in the first quarter of 2019, easing from a 2.7 percent expansion reported in the previous period and in line with preliminary estimates. That was the weakest growth rate since the last quarter of 2016.
Published on 2019-06-18

Russia GDP Growth Slows to Over 2-Year Low in Q1
Russia's gross domestic product grew by 0.5 percent year-on-year in the first quarter of 2019, easing from a 2.7 percent expansion reported in the previous period and missing the Ministry of Economic Development's early estimate of 0.8 percent, preliminary data showed. That was the weakest growth rate since the last quarter of 2016, as output expanded at softer rates for all major sectors.
Published on 2019-05-17

Russia GDP Growth Accelerates to 2.7% in Q4
Russia's gross domestic product grew by 2.7 percent year-on-year in the fourth quarter of 2018, following an upwardly revised 2.2 percent expansion reported in the previous three-month period, driven mainly by information & communication, financial & insurance activities and real estate activities, alongside mining and utilities output. A rebound in agriculture also supported the GDP growth.
Published on 2019-04-02

Russia Q3 GDP Growth Revised Higher to 1.5%
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.
Published on 2018-12-12

Russia GDP Growth Slows to 1.3% in Q3
Russia's gross domestic product grew by 1.3 percent year-on-year in the third quarter of 2018, following a 1.9 percent expansion reported in the previous period, a preliminary estimate showed. Retail trade, cargo turnover and industrial production grew at a slower pace while agriculture and construction output contracted.
Published on 2018-11-13

Russia Q2 GDP Growth Revised Higher to 1.9%
Russia's gross domestic product grew by 1.9 percent year-on-year in the second quarter of 2018, up from a preliminary estimate of 1.8 percent and following a 1.3 percent expansion reported in the previous three-month period. The stronger growth rate was mainly driven by gains in hotel, transport and restaurant sectors as the soccer World Cup had a positive impact on the economy. In addition, manufacturing and mining output increased at a faster pace.
Published on 2018-09-10

Russian Economy Grows 1.8% in Q2
Russia's gross domestic product grew by 1.8 percent year-on-year in the second quarter of 2018, following a 1.3 percent expansion reported in the previous period, a preliminary estimate showed. It was the seventh straight quarter of growth after two years of contraction driven by services on the back of the soccer World Cup, in particular the hotel, transport and restaurant sectors.
Published on 2018-08-10