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||1995 - 2015
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. In late 2013, the Russian Economic Development Ministry reduced its growth forecast through 2030 to an average of only 2.5 percent per year, down from its previous forecast of 4 to 4.2 percent. In 2014, following Russia's military intervention in Ukraine, prospects for economic growth declined further, with expectations that GDP growth could drop as low as zero. With its over reliance on energy and oil exports, Russia faces an 8.2 percent drop in output in 2015 and 6.4 percent in 2016, as a collapse in oil prices and western sanctions sent the economy into a sharp contraction. This page provides the latest reported value for - Russia GDP Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Content for - Russia GDP Growth Rate - was last refreshed on Saturday, November 28, 2015.