Russia’s gross domestic product shrank by 4% year-on-year in the third quarter of 2022, in line with forecasts by the Central Bank of Russia, according to a preliminary estimate. The result extends the 4.1% contraction from the second quarter, as the Russian economy continued to be pressured by the sanctions from Western states in retaliation to its invasion of Ukraine in February. Looking forward, the central bank forecasts the Russian economy to contract by 7.1% year-on-year in the fourth quarter, as natural gas exports to major consumer Europe have nearly halted and seaborne oil shipments are set to be heavily sanctioned in December. The central bank expects the Russian GDP to contract 3%-3.5% for the full 2022, while the Ministry of Economic Development projects the GDP to fall by 2.9%. source: Federal State Statistics Service

GDP Annual Growth Rate in Russia averaged 2.67 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 November of 2022.

GDP Annual Growth Rate in Russia is expected to be -7.00 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 -1.00 percent in 2023 and 0.50 percent in 2024, according to our econometric models.

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Russia GDP Annual Growth Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-09-09 04:00 PM YoY Final Q2 -4.1% 3.5% -4% -4%
2022-11-16 04:00 PM YoY Prel Q3 -4% -4.1% -4.4%
2022-12-15 04:00 PM YoY Final Q3 -4.1% -4%


Related Last Previous Unit Reference
GDP Annual Growth Rate -4.00 -4.10 percent Sep 2022
GDP Constant Prices 21479.60 21357.20 RUB Billion Jun 2022
Gross Fixed Capital Formation 4663.00 3737.10 RUB Billion Jun 2022
Full Year GDP Growth 4.70 -2.70 percent Dec 2021
GDP from Utilities 513.20 664.30 RUB Billion Jun 2022
GDP from Transport 1376.00 1391.00 RUB Billion Jun 2022
GDP from Public Administration 1669.70 1656.90 RUB Billion Jun 2022
GDP from Mining 1904.40 2003.40 RUB Billion Jun 2022
GDP from Manufacturing 2700.80 2594.60 RUB Billion Jun 2022
GDP from Construction 1106.90 758.70 RUB Billion Jun 2022
GDP from Agriculture 638.90 448.70 RUB Billion Jun 2022
Gross National Product 65166840.30 59321789.00 RUB Million Dec 2015

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.
Actual Previous Highest Lowest Dates Unit Frequency
-4.00 -4.10 12.10 -11.20 1996 - 2022 percent Quarterly

News Stream
Russian GDP Contracts 4% in Q3
Russia’s gross domestic product shrank by 4% year-on-year in the third quarter of 2022, in line with forecasts by the Central Bank of Russia, according to a preliminary estimate. The result extends the 4.1% contraction from the second quarter, as the Russian economy continued to be pressured by the sanctions from Western states in retaliation to its invasion of Ukraine in February. Looking forward, the central bank forecasts the Russian economy to contract by 7.1% year-on-year in the fourth quarter, as natural gas exports to major consumer Europe have nearly halted and seaborne oil shipments are set to be heavily sanctioned in December. The central bank expects the Russian GDP to contract 3%-3.5% for the full 2022, while the Ministry of Economic Development projects the GDP to fall by 2.9%.
2022-11-16
Russia GDP Shrinks More than Expected in Q2
Russia’s gross domestic product shrank by 4.1% year-on-year in Q2 2022, more than preliminary estimates of a 4% contraction amid the fallout from the Russia-Ukraine war and associated international sanctions. Among sectors, wholesale and retail trade; repair of motor vehicles and motorcycles contracted the most (-14.1% vs 3.7% in Q1), followed by water supply, sewerage & waste collection (-9.2% vs 4.9%). Also, manufacturing (-4% vs 5.1%) and mining (-0.8% vs 8.6%) declined, while construction rose (3.4% vs 4.7%). Russia’s government expects GDP to contract 2.9% in 2022 and 0.9% in 2023, much less than its August forecast of a 4.2% and 2.7% fall, respectively. On a quarterly basis, however, the government sees the Russian economy returning to growth in late 2022 or 2023.
2022-09-09
Russia Economy Contracts 4% in Q2
Russia’s gross domestic product shrank by 4% from a year ago in the second quarter of 2022, amid the fallout from the Russia-Ukraine war and associated international sanctions, preliminary estimates showed. Russia's central bank expected GDP to contract 4.3 percent in the second quarter, saying it was on track to fall 7 percent in the third quarter. The central bank predicted in April that GDP would shrink 4%-6% in 2022 and that the economy will start recovering in the second half of 2023.
2022-08-12