Russia GDP Growth Rate

The Gross Domestic Product (GDP) in Russia contracted 0.30 percent in the first quarter of 2014 over the previous quarter. 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. GDP Growth Rate in Russia is reported by the Federal State Statistics Service.


Russia GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-0.30 0.30 4.10 -5.40 1995 - 2014 Percent Quarterly
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.

Russian GDP Contracts 0.3% QoQ in Q1

The Russian economy shrank 0.3 percent quarter-on-quarter in the first three months of 2014, following a revised 0.3 percent expansion in the previous two quarters. It is the first contraction in five quarters, as production in nearly all main sectors of the economy decreased.

On a quarter-on-quarter seasonally adjusted basis, agriculture and wholesale and retail trade shrank the most (-1.9 percent each). The construction sector contracted 1.5 percent; fishing activities fell 1 percent, manufacturing dropped 0.6 percent and mining and quarrying decreased 0.5 percent. In contrast, financial activities recorded the highest growth rate (5.5 percent), followed by real estate activities (2.5 percent).

Year-on-year, the economy advanced 0.9 percent.

Joana Taborda |
7/3/2014 4:02:35 PM

Recent Releases

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. Published on 2014-04-07

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

GDP Last Previous Highest Lowest Unit
GDP 2096.78 2017.47 2096.78 195.90 USD Billion [+]
GDP Growth Rate -0.30 0.30 4.10 -5.40 Percent [+]
GDP Annual Growth Rate 1.20 0.90 12.10 -11.20 Percent [+]
GDP Constant Prices 9797.30 11946.20 11946.20 6567.40 RUB Billion [+]
GDP per capita 6923.45 6848.70 6923.45 3282.79 USD [+]
Gross Fixed Capital Formation 2051.80 5486.20 5486.20 8.70 RUB Billion [+]
GDP per capita PPP 15177.27 14731.03 15177.27 7328.87 USD [+]

Overview    |     Worldbank    |     Calendar    |     Countries    |     Indicators    |     News