The Russian GDP expanded by 4.9% from the corresponding period of the previous year in the fourth quarter of 2023, slowing from an upwardly revised 5.7% expansion in the third quarter. The data continued to point to some extent of recovery for the output of Russia, carried by industries that benefited from high military spending by the government, in addition to base effects from the start of sanctions from the West. The GDP slowed for government expenditure (6.9% vs 9% in Q3) and household consumption (7.3% vs 9.7%), while fixed capital formation accelerated (8.1% vs 7.7%). source: Federal State Statistics Service

The Gross Domestic Product (GDP) in Russia expanded 4.90 percent in the fourth quarter of 2023 over the same quarter of the previous year. GDP Annual Growth Rate in Russia averaged 2.64 percent from 1996 until 2023, 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 April of 2024.

The Gross Domestic Product (GDP) in Russia expanded 4.90 percent in the fourth quarter of 2023 over the same quarter of the previous year. GDP Annual Growth Rate in Russia is expected to be 1.00 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 1.20 percent in 2025, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2023-12-13 04:00 PM YoY Final Q3 5.5% 4.9% 5.5% 5.5%
2024-04-05 04:00 PM YoY Q4 4.9% 5.7% 5.5% 5%
2024-05-15 04:00 PM YoY Prel Q1 4.9% 5%


Related Last Previous Unit Reference
Full Year GDP Growth 3.60 -1.20 percent Dec 2023
GDP Growth Rate YoY 4.90 5.50 percent Dec 2023
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
Gross Fixed Capital Formation 7544.10 7574.80 RUB Billion Sep 2023

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
4.90 5.50 12.10 -11.20 1996 - 2023 percent Quarterly

News Stream
Russian GDP Expands by 4.9% in Q4
The Russian GDP expanded by 4.9% from the corresponding period of the previous year in the fourth quarter of 2023, slowing from an upwardly revised 5.7% expansion in the third quarter. The data continued to point to some extent of recovery for the output of Russia, carried by industries that benefited from high military spending by the government, in addition to base effects from the start of sanctions from the West. The GDP slowed for government expenditure (6.9% vs 9% in Q3) and household consumption (7.3% vs 9.7%), while fixed capital formation accelerated (8.1% vs 7.7%).
2024-04-05
Russia Q3 GDP Growth in Line with Estimates
Russia’s gross domestic product expanded by 5.5% from the previous year in the third quarter of 2023, matching preliminary estimates and accelerating from the 4.9% growth in the previous three-month period, final reading showed. It was the fastest growth rate since the second quarter of 2021, aided by higher benchmark prices for key Russian commodities, the restoration of supply chains following the West’s exclusion of the country from major financial markets, a low base year due to the war, and the evasion of Western oil price cap.
2023-12-13
Russian GDP Expands the Most in 2 Years
Russia’s gross domestic product expanded by 5.5% from the previous year in the third quarter of 2023, beating market expectations of a 4.8% expansion and accelerating from the 4.9% growth in the previous three-month period, preliminary estimates showed. It was the fastest growth rate since the second quarter of 2021, aided by higher benchmark prices for key Russian commodities, the restoration of supply chains following the West’s exclusion of Russia from key financial markets, and a low base year due to economic retaliation against Russia’s invasion of Ukraine.
2023-11-15