Russia's gross domestic product shrank 1.0 percent year-on-year in the first quarter of 2021, following a 1.8 percent contraction in the previous period and compared to market expectations of a 2.2 percent slump, preliminary estimates showed. Water supply and waste disposal saw the sharpest improvement, growing 11.9 percent from a year earlier, with the supply of electricity, gas and steam rising 9.5 percent. On the other hand, transport was the worst affected sector, contracting 34 percent. Looking ahead, the Russian economy is poised to recover in 2021, with the central bank predicting it will rebound to pre-crisis levels by the end of the year to reach overall growth of 3-4 percent. source: Federal State Statistics Service

GDP Annual Growth Rate in Russia averaged 2.66 percent from 1996 until 2021, 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 2021.

GDP Annual Growth Rate in Russia is expected to be 7.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Russia to stand at 3.10 in 12 months time. In the long-term, the Russia GDP Annual Growth Rate is projected to trend around 2.50 percent in 2022 and 2.80 percent in 2023, according to our econometric models.

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Russia GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-1.00 -1.80 12.10 -11.20 1996 - 2021 percent Quarterly


Calendar GMT Actual Previous Consensus TEForecast
2020-12-11 04:00 PM YoY Final Q3 -3.4% -8% -3.6% -3.6%
2021-02-01 04:00 PM Full Year GDP Growth 2020 -3.1% 2%
2021-04-01 04:00 PM YoY Q4 -1.8% -3.5% -2.9% -2%
2021-05-17 04:00 PM YoY Prel Q1 -1% -1.8% -2.2% -1.4%
2021-06-15 04:00 PM YoY Final Q1 -1.8% -1%
2021-08-11 04:00 PM YoY Prel Q2 7.5%
2021-09-09 04:00 PM YoY Final Q2
2021-11-12 04:00 PM YoY Prel Q3 3.6%


News Stream
Russia Economy Contracts Less Than Expected
Russia's gross domestic product shrank 1.0 percent year-on-year in the first quarter of 2021, following a 1.8 percent contraction in the previous period and compared to market expectations of a 2.2 percent slump, preliminary estimates showed. Water supply and waste disposal saw the sharpest improvement, growing 11.9 percent from a year earlier, with the supply of electricity, gas and steam rising 9.5 percent. On the other hand, transport was the worst affected sector, contracting 34 percent. Looking ahead, the Russian economy is poised to recover in 2021, with the central bank predicting it will rebound to pre-crisis levels by the end of the year to reach overall growth of 3-4 percent.
2021-05-17
Russian Economy Contracts 1.8% in Q4
Russia's gross domestic product shrank 1.8 percent year-on-year in the fourth quarter of 2020, easing from a revised 3.5 percent contraction in the previous three-month period and a 7.8 percent slump in April-June. The Russian economy slid into recession last year as the coronavirus crisis hit activity and demand. The hotels & restaurants sector continued to be the biggest driver of the contraction, falling 20.7 percent from a year earlier. In addition, output dropped for wholesale & retail trade; transportation & storage; recreation and culture activities; administrative activities and related additional services; and education. Mining & quarrying was down 10.4 percent and utilities output fell 3.0 percent, while manufacturing production grew 2.0 percent. Considering 2020 as a whole, the economy shrank 3.0 percent, compared with a 2.0 percent expansion in 2019.
2021-04-01
Russia GDP Contracts the Most in 11 Years
Russia's gross domestic product shrank 3.1 percent in 2020, compared to a 2 percent expansion in 2019 but better than the central bank projection of a decline of 3.9 percent, preliminary estimates showed. It was the sharpest annual contraction in eleven years amid the novel coronavirus pandemic and a drop in global demand for energy resources. The economy ministry expects GDP to return to growth in 2021, expanding by 3.3 percent. Data from last December showed the economy shrank 3.4 percent in the third quarter of 2020, easing from an 8 percent contraction in the previous three-month period.
2021-02-01
Russia GDP Contracts Less than Initially Thought
Russia's gross domestic product shrank 3.4 percent year-on-year in the third quarter of 2020, easing from an 8.0 percent contraction in the previous three-month period and compared with a preliminary estimate of a 3.6 percent decline. The Russian economy slid into recession this year as the coronavirus outbreak and lockdown measures to curb its spread hit activity and demand. The hotels & restaurants sector was the biggest driver of the contraction, falling 25.9 percent in the July to September period after the second quarter's 56.9 percent tumble. In addition, output dropped for wholesale & retail trade; transportation & storage; professional, scientific & technical activities; and education. Mining & quarrying was down 12.3 percent and utilities output fell 2.6 percent, while manufacturing production was unchanged.
2020-12-11

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.