Russian Federation GDP Annual Growth Rate

Last Release

Jun 30, 2024

Actual

Units In

5.4

Frequency

Quarterly

Next Release

N/A

Time to Release

N/A

Highest	Lowest	Average	Date Range	Source
12.1 Dec 1999	-11.2 Jun 2009	2.67 %	1996-2024	Federal State Statistics Service

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.

Latest Updates

The Russian economy advanced by 4% annually in Q2 2024, following a 5.4% growth in Q1 and compared with market forecasts of a 4.2% rise, according to preliminary estimates. This came in line with the government's estimate for the period. The country's growth is now heavily dependent on massive government spending on defense to support the ongoing war in Ukraine. Still, the economy is anticipated to continue slowing through the year, with the central bank recently cautioning about the risk of overheating.