Russia's economy contracted by 2.1% in 2022, after a 5.6% expansion in 2021, mainly due to unprecedented international sanctions and direct-war costs due to its invasion of Ukraine. Also, deepening labour shortages due to partial mobilization and the exodus of Russian citizens from the country weighed on the country's economic activity. It was still a much softer contraction than an earlier prediction of over 12%. Although wholesale & retail trade (-12.7%), manufacturing (-2.5%) and transportation (-1.8%) were some of the sectors which saw a decline in 2022, agriculture (+6.7%), construction (+5%), hospitality (+4.3%), public administration (4.1%) and financial services (+4.1%) advanced the most. On the expenditure side, private spending (-1.4%) and net external demand contributed negatively to the GDP, amid steep declines in exports (-13.9%) and imports (-15%). By contrast, fixed investment (+3.3%) and government spending (+2.8%), likely boosted by military spending, increased. source: Federal State Statistics Service

Full Year GDP Growth in Russia averaged 1.12 percent from 2012 until 2022, reaching an all time high of 5.60 percent in 2021 and a record low of -2.70 percent in 2020. This page includes a chart with historical data for Russia Full Year Gdp Growth. Russia Full Year GDP Growth - values, historical data and charts - was last updated on June of 2023.

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Russia Full Year GDP Growth

Calendar GMT Actual Previous Consensus TEForecast
2022-02-18 04:00 PM 2021 4.7% -2.7% 4.6%
2023-02-20 03:00 PM 2022 -2.1% 5.6% -2.5%

Related Last Previous Unit Reference
GDP Growth Rate -0.80 3.20 percent Sep 2021
GDP Annual Growth Rate -1.90 -2.70 percent Mar 2023
GDP 1775.80 1488.32 USD Billion Dec 2021

Russia Full Year GDP Growth
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
-2.10 5.60 5.60 -2.70 2012 - 2022 percent Yearly
Constant Prices 2016, NSA