Russia’s GDP is expected shrink by up to 12% in 2022, sharply exceeding the Economic Ministry’s expectations of an 8% decline, according to internal forecasts by the Ministry of Finance. It is on course to the steepest contraction since 1994, when Russia transitioned toward a market economy, as the country feels the impact of sweeping Western sanctions. The main restriction measures include an oil embargo by the US and a fossil-fuel phase out by the UK, while multiple EU utilities seek for alternative gas sources. In addition, multiple foreign companies have departed Russia while major banks have been removed from the SWIFT payment system and had their assets frozen. Uncertainty about the projections remain high amid the possibility of stronger restrictions as the EU proposed a six-month phase out of oil imports, which would be the hardest hitting measure against the Russian economy so far. According to the central bank, annual inflation for 2022 is expected to accelerate to 18-23%. source: Federal State Statistics Service

Full Year GDP Growth in Russia averaged 1.35 percent from 2012 until 2021, reaching an all time high of 4.70 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 2022.

Full Year GDP Growth in Russia is expected to reach -10.50 percent by the end of 2022, according to Trading Economics global macro models and analysts expectations. In the long-term, the Russia Full Year GDP Growth is projected to trend around -5.00 percent in 2023 and 1.50 percent in 2024, according to our econometric models.

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Russia Full Year GDP Growth

Related Last Previous Unit Reference
GDP Growth Rate -0.80 3.20 percent Sep 2021
GDP Annual Growth Rate 3.50 5.00 percent Mar 2022
GDP 1483.50 1687.45 USD Billion Dec 2020

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
4.70 -2.70 4.70 -2.70 2012 - 2021 percent Yearly
Constant Prices 2016, NSA