The Russian economy expanded 3.5 percent year-on-year in the first quarter of 2022, easing from the 5 percent growth seen in the previous quarter, according to a preliminary estimate. It was the slowest growth rate in four quarters, as low base effects from the pandemic faded. It is also likely to be the final quarter of growth for the Russian economy this year, amid sweeping sanctions from Western states in retaliation to Russia’s invasion of Ukraine. The Economy Ministry forecasted the Russian GDP to contract 7.8% in 2022, while previous estimates from the Central Bank pointed to an 8-10% decline this year. source: Federal State Statistics Service
GDP Annual Growth Rate in Russia averaged 2.78 percent from 1996 until 2022, 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 May of 2022.
GDP Annual Growth Rate in Russia is expected to be -12.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Russia GDP Annual Growth Rate is projected to trend around -3.00 percent in 2023 and 1.50 percent in 2024, according to our econometric models.