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.

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Russia GDP Annual Growth Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-04-08 04:00 PM YoY Q4 5% 4% 5% 5%
2022-05-18 04:00 PM YoY Prel Q1 3.5% 5% 3.7%
2022-06-15 04:00 PM YoY Final Q1 5% 3.5%


Related Last Previous Unit Reference
GDP Annual Growth Rate 3.50 5.00 percent Mar 2022
GDP Constant Prices 26426.40 23936.00 RUB Billion Dec 2021
Gross Fixed Capital Formation 7511.00 4905.10 RUB Billion Dec 2021
Full Year GDP Growth 4.70 -2.70 percent Dec 2021
GDP From Utilities 675.20 476.70 RUB Billion Dec 2021
GDP From Transport 1425.60 1485.10 RUB Billion Dec 2021
GDP From Public Administration 1711.90 1670.00 RUB Billion Dec 2021
GDP From Mining 2078.10 1861.50 RUB Billion Dec 2021
GDP From Manufacturing 3458.80 3005.90 RUB Billion Dec 2021
GDP From Construction 2005.30 1208.70 RUB Billion Dec 2021
GDP From Agriculture 1001.50 1399.40 RUB Billion Dec 2021
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
3.50 5.00 12.10 -11.20 1996 - 2022 percent Quarterly

News Stream
Russian Economy Expands 3.5% in Q1
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.
2022-05-18
Russian GDP Expands as Expected in Q4
Russia’s gross domestic product expanded 5 percent year-on-year in the fourth quarter of 2021, in line with preliminary estimates, picking up from a 4 percent expansion in the previous quarter. Among different sectors, hotels and catering establishments saw the sharpest improvement, rising 14.8 percent from a year ago, while mining activity grew by 9.7% and manufacturing industries rose 4.6 percent. Also, the provision of electricity, gas, and steam gained 3.8 percent. Considering the full 2021, the Russian economy expanded 4.7 percent, more than recovering from the 2.7 percent contraction during 2020 due to the pandemic.
2022-04-08
Russia GDP Expands as Expected
Russia's gross domestic product expanded 4.3 percent year-on-year in the third quarter of 2021, in line with preliminary estimates, and easing from a 10.5 percent growth in the previous quarter as the effects of a lower base started to fade. Still, the Russian economy already recovered its pre-pandemic levels buoyed by a rebound in global commodity prices. Among sectors, hotels & catering establishments saw the sharpest improvement growing 16.7 percent from a year ago, while water supply, sewerage & waste collection jumped 14 percent. Also, mining production expanded 8.4 percent and the manufacturing activity increased 3.3 percent. On the other hand, agriculture, forestry, hunting & fishing dropped 5.6 percent.
2021-12-15