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). source: Federal State Statistics Service
GDP Annual Growth Rate in Russia averaged 2.81 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 October of 2020.
GDP Annual Growth Rate in Russia is expected to be -4.00 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 7.50 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.