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).

GDP Annual Growth Rate in Russia averaged 2.92 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 August of 2020. source: Federal State Statistics Service

GDP Annual Growth Rate in Russia is expected to be -11.00 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 8.00 in 12 months time. In the long-term, the Russia GDP Annual Growth Rate is projected to trend around 6.30 percent in 2021 and 2.70 percent in 2022, according to our econometric models.

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Russia GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
1.60 2.10 12.10 -11.20 1996 - 2020 percent Quarterly


Calendar GMT Actual Previous Consensus TEForecast
2020-02-03 01:10 PM Full Year GDP Growth 2019 1.3% 2.5%
2020-04-01 01:00 PM YoY Q4 2.1% 1.5% 2.1% 1.9%
2020-05-19 03:00 PM YoY Prel Q1 1.6% 2.1% 1.9% 1.8%
2020-06-17 04:00 PM YoY Final Q1 1.6% 2.1% 1.6% 1.6%
2020-08-11 01:00 PM YoY Prel Q2 1.6% -9.6%
2020-09-09 01:00 PM YoY Final Q2 1.6% -9.6%
2020-11-13 01:00 PM YoY Prel Q3 -11%
2020-12-11 01:00 PM YoY Final Q3 -11%


News Stream
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).
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.
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.
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.
2020-02-03

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.