Russia Economic Growth (Nominal GDP, ann. var. %)

GDP fell at a sharper annual pace in Q4, as suggested by full-year data, which showed a 2.1% contraction in 2022. Turning to Q1, economic conditions remain muted, although activity continues to exhibit resilience to the war-induced shock. Industrial output and retail sales shrank again in January compared to December, as contracting mining activity in the wake of fresh EU sanctions hammered the energy sector. Meanwhile, household spending continued to weaken due to elevated inflation and high interest rates. That said, PMI readings pointed to healthy expansions in both the manufacturing and services sectors in February. Less positively, Russia’s budget deficit soared to USD 34.2 billion in January–February on eroded oil and gas revenues. Meanwhile, the war in Ukraine rages on, with direct and indirect war-related costs set to weigh on the Russian economy in Q1 and beyond.

Russia Economic Growth (Nominal GDP, ann. var. %) Data

2017 2018 2019 2020 2021
Economic Growth (Nominal GDP, ann. var. %) 7.3 13.1 5.5 -1.8 25.7

Free sample report

Interested in economic reports, analysis and data? FocusEconomics provides data, forecasts and analysis for hundreds of countries and commodities. Request your free sample report now.

Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest