Russia GDP Growth Rate

The Gross Domestic Product (GDP) in Russia contracted 0.50 percent in the first quarter of 2014 over the previous quarter. GDP Growth Rate in Russia is reported by the Federal State Statistics Service. GDP Growth Rate in Russia averaged 0.87 Percent from 1995 until 2014, reaching an all time high of 4.10 Percent in the first quarter of 1999 and a record low of -5.40 Percent in the third quarter of 1998. Russia is the largest country in the world and the fifth largest economy. The Russian economy is commodity-driven. Russia is the world’s largest producer of oil (12 percent of world output), natural gas (18 percent) and nickel (20 percent). The energy sector is the most important, it contributes 20-25 percent of GDP, 65 percent of total exports and 30 percent of government budget revenue. During the past decade, poverty and unemployment declined steadily and the middle class continued to expand. However, in recent years, government’s tight control of the economy, lack of property rights laws and corruption have hampered private investment and innovation. This page provides - Russia GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. 2014-04-18

Actual Previous Highest Lowest Forecast Dates Unit Frequency
-0.50 0.90 4.10 -5.40 0.30 | 2014/06 1995 - 2014 Percent Quarterly

TO

Russia GDP Growth Rate
LIST BY COUNTRY

GDP Last Previous Highest Lowest Forecast Unit
GDP Growth Rate -0.50 2014-03-31 0.90 4.10 -5.40 0.30 2014-06-30 Percent [+]
GDP Annual Growth Rate 0.80 2014-03-31 2.00 12.10 -11.20 1.19 2014-06-30 Percent [+]
GDP per capita 6834.00 2012-12-31 6633.07 6834.00 3300.04 7210.83 2014-06-30 USD [+]
GDP per capita PPP 15177.27 2012-12-31 14731.03 15177.27 7328.87 16014.15 2014-06-30 USD [+]
GDP Constant Prices 11946.20 2013-11-15 11410.30 279185.60 9645.80 29092.96 2014-06-30 RUB Billion [+]
Gross Fixed Capital Formation 5486.20 2013-11-15 3653.60 5486.20 8.70 4637.73 2014-06-30 RUB Billion [+]
GDP 2014.80 2012-12-31 1899.10 2014.80 195.90 2354.56 2014-06-30 USD Billion [+]
[+]


Russian Economy Accelerates in Q4

In the fourth quarter of 2013, Russian GDP advanced a seasonally adjusted 0.9 percent over the previous quarter. Considering full 2013, the economy expanded 1.3 percent.

Revised data for 2013 showed the economy accelerated for the fourth straight quarter in the last three months of 2013. Russia’s economy minister recently said the GDP is expected to grow 0.8 percent in the first three months of 2014.

From January to December of 2013, the economy advanced 1.3 percent, boosted by financial activities (+ 11.5 percent), fishing (+ 3.7 percent) and agriculture (+ 3 percent). Real estate activities increase 2 percent and hotels and restaurants expanded 1.9 percent. 

The construction sector shrank 2.4 percent; production of electricity, gas and water fell 2.3 percent and mining output rose a meager 0.9 percent. 

Later in March of 2014, Russian economy minister also said growth might slow to 0.6 percent in 2014, down from a January forecast of 2.5 percent.

GKS | Joana Taborda | joana.taborda@tradingeconomics.com
4/7/2014 2:44:40 PM

RECENT RELEASES

Russian Economy Continues To Contract in Q2
In the second quarter of 2013, Russian GDP shrank by a seasonally adjusted 0.26 percent over the previous quarter, after contracting by 0.25 percent in the first three months of 2013. The rebound in mining was not enough to offset the drop in manufacturing. Published on 2013-10-01

Russian Economy Contracts 0.1% QoQ in Q1
In Q1 of 2013, seasonally adjusted Russian GDP fell 0.1 percent quarter-on-quarter, down from an expansion of 0.6 percent in Q4 of 2012. This contraction reflects a sharp drop in investment and a deterioration in external trade. Published on 2013-07-01


GDP Growth Rate | Notes
The GDP Growth Rate shows a percentage change in the seasonally adjusted GDP value in the certain quarter, compared to the previous quarter. Because of climatic conditions and holidays, the intensity of the production varies throughout the year. This makes a direct comparison of two consecutive quarters difficult. In order to adjust for these conditions, many countries calculate the quarterly GDP using so called seasonally adjusted method. The Gross Domestic Product can be determined using three different approaches: the product, the income, and the expenditure technique, which should give the same result. In sum, the product technique sums the outputs of every class of enterprise. The expenditure technique works on the principle that every product must be bought by somebody, therefore the value of the total product must be equal to people's total expenditures in buying products and services. The income technique works on the principle that the incomes of the productive factors must be equal to the value of their product, and determines GDP by finding the sum of all producers' incomes.


RELATED NEWS

Russia Unemployment Drops in March  
Russian jobless rate fell for the first time in four months to 5.4 percent, after remaining stable at 5.6 percent in the previous two months.
Russia GDP Growth Slows Sharply in Q1  
Russian economy advanced an annual 0.8 percent in the first quarter of 2014, well below the 2 percent expansion recorded in the previous three-month period, Russia's Economy Minister Alexei Ulyukayev said addressing the parliament.
Russia Trade Surplus Narrows Sharply in February  
Russian trade surplus decreased 34 percent in February of 2014 over the previous month to USD 12.43 billion, mainly due to a sharp fall in exports to countries outside the Commonwealth of Independent States. Compared with the same month last year, the surplus narrowed 18.5 percent.
Russian Economy Accelerates in Q4  
In the fourth quarter of 2013, Russian GDP advanced a seasonally adjusted 0.9 percent over the previous quarter. Considering full 2013, the economy expanded 1.3 percent.
Russia Inflation Rate Up to 9-Month High  
In March of 2014, Russian annual inflation rate rose for the second straight month to 6.9 percent, up from 6.2 percent in February, driven by higher cost of milk, fruit, electricity and gas.
Russian GDP Growth Beats Expectations in Q4  
The Russian economy advanced at a faster than expected 2 percent year-on-year in the last three months of 2013, up from a revised 1.3 percent expansion in the previous period. GDP growth in 2013 as a whole was 1.3 percent.
Russia Unemployment Rate Unchanged at 5.6%  
In February of 2014, Russian jobless rate remained steady at 5.6 percent, the same rate recorded in the previous two months.
Russia Trade Surplus Up to 2-Year High  
In the first month of 2014, Russian trade surplus widened to USD 18.86 billion, up from USD 15.8 billion a month earlier and USD 17.21 billion in the same month last year, as imports dropped to the lowest value in three years.
Russia Leaves Rate on Hold at 7%  
At its March 14th, 2014 meeting, Bank of Russia decided to leave the benchmark interest rate unchanged at 7 percent, as inflation risks that brought about an increase in the key rate on March 3rd still apply. The central bank said it does not intend to lower the key rate in the coming months, as its priority is to contain the effect of exchange rate dynamics on consumer prices.
Russia Inflation Rate Edges Up Slightly in February  
Russian annual inflation rate rose slightly to 6.2 percent in February of 2014, from 6.1 percent in the previous month, boosted by higher food and electricity cost.
MORE RELATED NEWS

LATEST NEWS

Chile Leaves Monetary Policy Unchanged  
At its April 17th, 2014 meeting, Central Bank of Chile left the benchmark interest rate on hold at 4 percent, following last month's cut, citing low output and demand, but hinted possible future rate cuts, depending on domestic and external conditions.
Russia Unemployment Drops in March  
Russian jobless rate fell for the first time in four months to 5.4 percent, after remaining stable at 5.6 percent in the previous two months.
Canada Inflation Rises Above Forecasts in March  
The annual consumer prices in Canada accelerated to 1.5 percent in March of 2014 following a 1.1 increase in the previous month, as energy prices surged.
US Jobless Claims Rise Slightly  
In the week ending April 12, the advance figure for seasonally adjusted initial claims was 304,000, an increase of 2,000 from the previous week's revised level. The previous week's level was revised up by 2,000 from 300,000 to 302,000. There were no special factors impacting this week's initial claims.
Brazil Unemployment Rate Down to 5%  
In March of 2014, Brazil’s jobless rate fell by 0.1 percentage point to 5 percent, below market forecasts. A year earlier, unemployment reached 5.7 percent.
Dutch Unemployment Rate Falls for the First Time in 2014  
In March of 2014, Netherlands’ seasonally adjusted jobless rate fell to 8.7 percent from 8.8 percent in the previous month and 8.1 percent a year earlier, as more people left permanently the labor market rather than found jobs.
Singaporean Trade Surplus Narrows Sharply in March  
The trade surplus decreased 51.1 percent in March of 2014 over a year earlier and 47.2 percent from February to SGD 2.3 billion. Imports rose at a faster pace than exports, as sales of pharmaceuticals and electronics fell, while shipments of petrochemicals and re-exports contributed to overall increase.
Mozambique Leaves Lending Rate Steady at 8.25%  
At its April 16th, 2014 meeting, Bank of Mozambique left its benchmark interest rate unchanged at 8.25 percent for the sixth consecutive meeting, saying this was consistent with meeting domestic economic targets for 2014.
Spanish Trade Deficit Narrows to 4-Month Low  
In February of 2014, Spanish trade gap decreased to € 1.62 billion, down from € 2.82 billion in the previous month. Compared with the same month a year earlier, the trade deficit widened 37 percent.
Angolan Inflation Rate Down To 7.32% in March  
The annual consumer prices in Angola decelerated for the second consecutive month to 7.32 percent in March of 2014, from 7.48 percent recorded in February of 2014.
MORE TOP NEWS

OVERVIEW    |     WORLBANK    |     [+] Calendar    |     [+] Countries    |     [+] Indicators    |     News