Russian Federation GDP Annual Growth Rate

Last Release

Sep 30, 2023

Actual

5.5

Units In

4.9

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	2.62 %	1996-2023	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 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%).