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.
||1995 - 2014
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.