Russia’s gross domestic product shrank by 3.7% year-on-year in the third quarter of 2022, revised lower from preliminary estimates of a 4% contraction slightly lower than the Central Bank of Russia’s forecast of 4%. 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. Output declined for manufacturing industries (-2.4% vs -4% in Q2), wholesale and retail trade (-19.7% vs -14.1%), water supply and wastewater disposal (-10.1% vs -9.2%), utility generation (-0.3% vs 2%), and professional, scientific, and technical activities (-5.5% vs -2.3%). In the meantime, mining production stalled (vs -0.8%). The central bank expects the Russian GDP to contract by 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 March of 2023.
GDP Annual Growth Rate in Russia is expected to be -2.40 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations.