Russia GDP Growth Rate

The Gross Domestic Product (GDP) in Russia expanded 1.80 percent in the fourth quarter of 2012 over the previous quarter. GDP Growth Rate in Russia is reported by the Rosstat. Historically, from 2003 until 2012, Russia GDP Growth Rate averaged 1.1 Percent reaching an all time high of 3.4 Percent in December of 2007 and a record low of -4.8 Percent in March of 2009. 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 includes a chart with historical data for Russia GDP Growth Rate.

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Russia Economic Growth Slows Down in Q4
GKS | Nuno Fontes | nuno@tradingeconomics.com  |  4/2/2013 4:30:40 PM


Russia's gross domestic product expanded 1.8 percent on the quarter, down from 2.7 percent for the same period of 2011. Year-on-year, GDP rose 2.1 percent, slowing from an upwardly revised 3 percent in the third quarter, according to the Federal Statistics Service.

The biggest downward pressure came from agriculture, hunting and forestry (-9.5 percent). Government spending fell 0.7 percent and education 0.2 percent. The biggest upwards pressure came from financial services (+11.1 percent), hotels and restaurants (+5.6  percent) and real estate (+4.3 percent).

Russian economy expanded at the slowest pace since it began recovering at the start of 2010 as stuttering global growth curbed demand for commodities exports. Exports in the fourth quarter were up 1.4 percent year-on-year and imports increased 9.2 percent.
 
For 2012, the statistics service reiterated its first estimate of economic growth at 3.4 percent, down from 4.3 percent in 2011 and 4.5 percent in 2010.

ARCHIVE
Russa's GDP Growth Slows Down in Q3
Russia's gross domestic product growth slowed to 2.9% on year compared with a 5% growth seen in the same period a year ago. Quarter-on-quarter, GDP grew 0.6 in the three months from July to end-September, down from 1.8% for the same period of 2011. 2012-12-11
Russia Suffered Record Contraction in 2009
Russia’s economy shrank the most on record in 2009 after the price of oil slumped 77 percent from peak to trough and left businesses to start the year trying to adjust to smaller profits as banks cut off credit. 2010-02-01
Russian GDP Up 4.8% in Q3
Russia's GDP grew 4.8 percent in the third quarter this year, the state statistics agency Rosstat said on November 14th. 2011-11-17
Russian Economic Decline Eased Last Quarter
Russia’s economic decline eased last quarter from a record slump in the previous three months as oil, gas and metals prices rebounded and stimulus measures helped offset the impact of the global recession. 2009-11-12
Russian Economic Growth Slows
Russia's gross domestic product (GDP) has grown 4.1 percent year-on-year in the first quarter of 2011, the Federal Statistics Service (Rosstat) said on May 16. 2011-05-16
Russian Economy Exited Recession in Q3
Russia emerged from recession last quarter, after the world’s largest energy exporter benefited from a resurgence in commodity demand that helped lift industrial output. 2009-10-20
Russia Q3 GDP Growth Pace Lags Other Emerging Economies
Russia's gross domestic product (GDP) growth slowed to 2.7% in the third quarter, setting the country further apart from other major emerging economies. 2010-11-13
Russia GDP Shrank 10.9% in Q2
Russia’s economy contracted the most on record last quarter as rising unemployment sapped consumer demand, bank lending stalled and the government failed to approve a stimulus package until just two months ago. 2009-08-11
Russia's Economy Remains Vulnerable
Highly dependent on oil prices, Russia was extremely vulnerable during the recent global economic downturn.  In fact, the Russian Federation went through its worst recession in 15 years, shrinking almost 8% in 2009. Yet, the recent surge in energy price, various stimulus programs and low interest rates made Russia grew 2.9% in the first quarter of 2010. But will Russia be able to sustain this expansion in the long run? 2010-05-15



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.






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