Russian Federation GDP Annual Growth Rate

Last Release

Sep 30, 2024

Actual

3.1

Units In

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	2.68 %	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

Russia’s GDP grew by 4.5% year-on-year in the fourth quarter of 2024, accelerating from an upwardly revised 3.3% in the previous period. This marks the fastest expansion in three quarters, fueled by wartime spending on the conflict in Ukraine, which has contributed to an overheated economy and pushed annual inflation above 10%. Sector-wise, growth picked up in wholesale and retail trade (4.9% vs 3.3% in Q3), transportation and storage (2.2% vs 1.5%), ICT (13.7% vs 12.8%), and financial and insurance activities (16.9% vs 16%). Meanwhile, Russia’s state statistics agency, Rosstat, raised its 2024 GDP growth forecast to 4.3% from 4.1%, citing stronger construction activity, with the sector’s estimate revised up by 2.5 percentage points to 4.2%.