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.