Russia's gross domestic product shrank 3.6 percent year-on-year in the third quarter of 2020, following an 8 percent slump in the previous period and compared to market expectations of a 4.5 percent contraction, preliminary estimates showed. The Russian economy has been battered by rising coronavirus infections, as well as low oil prices. According to the Bank of Russia’s estimates, the Russian economy’s contraction in 2020 will be in the range of 4.0-5.0% and the recovery growth rate in 2021 is estimated in the range of 3.0-4.0%. source: Federal State Statistics Service
GDP Annual Growth Rate in Russia averaged 2.74 percent from 1996 until 2020, reaching an all time high of 12.10 percent in the fourth quarter of 1999 and a record low of -11.20 percent in the second quarter of 2009. This page provides the latest reported value for - Russia GDP Annual Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Russia GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on November of 2020.
GDP Annual Growth Rate in Russia is expected to be -4.80 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Russia to stand at 3.60 in 12 months time. In the long-term, the Russia GDP Annual Growth Rate is projected to trend around 3.00 percent in 2021 and 3.20 percent in 2022, according to our econometric models.