Russia GDP per Capita: Overview and Outlook
Current GDP per Capita
Russia's GDP per capita currently stands at around USD 15,000, slightly above the global average.
Historical Changes in Russia's GDP per Capita
Russia's economic story since 2000 is one of a dramatic boom, followed by stagnation and radical transformation. Upon Vladimir Putin's ascent to power, Russia benefited from a massive commodity boom in the 2000s. Soaring oil and gas prices fueled a rapid recovery from the chaos of the 1990s, leading to a significant rise in living standards. Nominal GDP per capita rose roughly ten-fold from 2000 to 2013, thanks to the strong ruble, rapid real GDP growth, elevated inflation and high prices for key fossil fuel exports. However, GDP per capita has fallen since then due to falling energy prices, a weaker ruble and more sluggish GDP growth.
GDP per Capita Predictions for the Coming Years
Russian GDP per capita is expected to climb modestly for the rest of this decade, thanks to currency stability and real GDP growth that should average around 1.5%.
Want to get concrete forecasts for Russia's GDP per capita for the coming years? FocusEconomics collects GDP per capita projections out to 2035 from a panel of 20 analysts at the leading national, regional and global forecast institutions. To get in touch with our team for more information, fill in the form here.
Key Factors to Watch
The outcome of the war will be key. The end of the conflict could boost GDP growth, lead to sanctions relief and encourage inward investment, boding well for GDP per capita. On the contrary, if the war continues this could spark further international sanctions which weigh on the currency and economy, dampening GDP per capita.
Russia GDP Per Capita Chart
Note: This chart displays GDP per capita (USD) for Russia from 2022 to 2024.
Source: Macrobond.
Russia GDP Per Capita Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| GDP per capita (USD) | 10,077 | 12,416 | 15,288 | 14,094 | 14,831 |
| GDP per capita (EUR) | 8,840 | 10,503 | 14,544 | 13,036 | 13,710 |
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Russian GDP Per Capita projections for the next ten years from a panel of 20 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 Per Capita forecast available for Russian GDP Per Capita.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Russian GDP Per Capita projections.
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