GDP reading: GDP growth moderated to 2.5% in seasonally adjusted annualized rate terms (SAAR) in the final quarter of 2024...
Economic Growth in Russia
From 2013 to 2022, Russia's GDP growth experienced fluctuations due to geopolitical tensions, sanctions, and oil price volatility. The early part of the decade saw modest growth, hampered by the 2014 annexation of Crimea and subsequent sanctions. The economy contracted in 2015 due to declining oil prices and the sanctions' impact, recovering slightly thereafter. COVID-19 brought another downturn in 2020, which was followed by the imposition of Western sanctions in 2022 following Russia's invasion of Ukraine.
The Russian economy recorded an average growth rate of 0.8% in the decade to 2022, below the 2.5% average for Eastern Europe. In 2022, real GDP growth was -2.1%. For more GDP information, visit our dedicated page.
Russia GDP Chart
Note: This chart displays Economic Growth (GDP, annual variation in %) for Russia from 2022 to 2021.
Source: Macrobond.
Russia GDP Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Economic Growth (GDP, ann. var. %) | -2.7 | 5.9 | -1.4 | 4.1 | 4.1 |
| GDP (USD bn) | 1,489 | 1,842 | 2,218 | 2,012 | - |
| GDP (EUR bn) | 1,306 | 1,558 | 2,110 | 1,861 | - |
| GDP (RUB bn) | 107,658 | 134,727 | 156,941 | 176,414 | 200,040 |
| Economic Growth (Nominal GDP, ann. var. %) | -1.8 | 25.1 | 16.5 | 12.4 | 13.4 |
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Russian GDP projections for the next ten years from a panel of 35 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for Russian GDP.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Russian GDP projections.
Want to get access to the full dataset of Russian GDP forecasts? Send an email to info@focus-economics.com.
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