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.

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Russia GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-8.00 1.60 12.10 -11.20 1996 - 2020 percent Quarterly


Calendar GMT Actual Previous Consensus TEForecast
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 04:00 PM YoY Prel Q2 -8.5% 1.6% -9% -9.6%
2020-09-09 04:00 PM YoY Final Q2 -8% 1.6% -8.5% -9.6%
2020-11-12 01:00 PM YoY Prel Q3 -8% -4%
2020-12-11 01:00 PM YoY Final Q3 -8% -4%


News Stream
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).
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.
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).
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 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.