Russia's gross domestic product surged by 7.7% in February of 2024, marking the highest growth since June 2021 and the eleventh consecutive month of expansion, following a 4.6% rise the previous month. Despite Western sanctions, Russian President Vladimir Putin has consistently downplayed their impact, highlighting that Russia's economy outpaced that of the G7 nations last year, achieving a robust GDP growth of 3.6%. However, this growth is largely attributed to state-funded arms and ammunition production for the conflict in Ukraine, masking underlying issues that hinder improvements in living standards for Russians. Additionally, despite its extensive natural resources, Russia's economic rebound from the 2022 slump remains heavily reliant on sectors affected by geopolitical tensions. source: Ministry of Economic Development

Monthly GDP YoY in Russia decreased to 4.20 percent in March from 7.70 percent in February of 2024. Monthly GDP YoY in Russia averaged 1.73 percent from 2005 until 2024, reaching an all time high of 11.60 percent in May of 2021 and a record low of -11.80 percent in May of 2009. This page includes a chart with historical data for Russia Monthly GDP YoY. Russia Monthly GDP YoY - data, historical chart, forecasts and calendar of releases - was last updated on May of 2024.

Monthly GDP YoY in Russia decreased to 4.20 percent in March from 7.70 percent in February of 2024. Monthly GDP YoY in Russia is expected to be 3.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Russia Monthly GDP YoY is projected to trend around 4.50 percent in 2025, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2024-04-03 06:30 PM
GDP YoY
Feb 7.7% 4.6%
2024-04-27 05:30 PM
GDP YoY
Mar 4.2% 7.6% 5.7%
2024-06-05 04:00 PM
GDP YoY
Apr


Related Last Previous Unit Reference
Full Year GDP Growth 3.60 -1.20 percent Dec 2023
GDP 2240.42 1836.89 USD Billion Dec 2022
GDP Growth Rate YoY 5.40 4.90 percent Mar 2024
GDP Constant Prices 35304.00 32762.90 RUB Billion Sep 2023
GDP from Agriculture 2401.00 1011.50 RUB Billion Sep 2023
GDP from Construction 1688.60 1482.50 RUB Billion Sep 2023
GDP from Manufacturing 4661.70 4386.50 RUB Billion Sep 2023
GDP from Mining 3898.40 3936.50 RUB Billion Sep 2023
GDP from Public Administration 2230.50 2225.30 RUB Billion Sep 2023
GDP from Transport 1901.60 1893.90 RUB Billion Sep 2023
GDP from Utilities 600.60 663.60 RUB Billion Sep 2023
GDP per Capita 10030.04 10251.68 USD Dec 2022
GDP per Capita PPP 27450.45 28057.03 USD Dec 2022
Gross Fixed Capital Formation 7544.10 7574.80 RUB Billion Sep 2023
GDP YoY 4.20 7.70 percent Mar 2024

Russia Monthly GDP YoY
In Russia, Monthly GDP YoY measures the change in the value of the goods and services produced by the country's economy compared to the corresponding month in the previous year.
Actual Previous Highest Lowest Dates Unit Frequency
4.20 7.70 11.60 -11.80 2005 - 2024 percent Monthly


News Stream
Russian Economy Posts Strongest Expansion in Over 2-1/2 Years
Russia's gross domestic product surged by 7.7% in February of 2024, marking the highest growth since June 2021 and the eleventh consecutive month of expansion, following a 4.6% rise the previous month. Despite Western sanctions, Russian President Vladimir Putin has consistently downplayed their impact, highlighting that Russia's economy outpaced that of the G7 nations last year, achieving a robust GDP growth of 3.6%. However, this growth is largely attributed to state-funded arms and ammunition production for the conflict in Ukraine, masking underlying issues that hinder improvements in living standards for Russians. Additionally, despite its extensive natural resources, Russia's economic rebound from the 2022 slump remains heavily reliant on sectors affected by geopolitical tensions.
2024-04-03
Russian Economy on a Six-Month Growth Streak
The Russian economy advanced 5.2% year-on-year in September of 2023, continuing the trend from August, where it also expanded by 5.2%. This marked the sixth consecutive month of growth after the GDP had contracted for 12 consecutive months. The economic upturn can be attributed to the Kremlin's initiatives, such as bolstering the production of military equipment and raising pensions and salaries. These measures increased demand and prices for various products and services in Russia. In the period spanning January to September, the gross domestic product experienced a year-on-year increase of 2.8%.
2023-11-01
Russian Economy Expands for 4th Month
The Russian economy advanced 5% year-on-year in July of 2023, following a 5.3% expansion in June. It marked the fourth consecutive month of growth after the GDP stayed in contraction for 12 straight months, due to the Kremlin's measures, boosting the production of military equipment and raising pensions, salaries, which increased demands and prices for a range of products and services in Russia. In January-July,, the gross domestic product increased by 2.1% year on year.
2023-08-30