Russia's gross domestic product shrank 1.8 percent year-on-year in the fourth quarter of 2020, easing from a revised 3.5 percent contraction in the previous three-month period and a 7.8 percent slump in April-June. The Russian economy slid into recession last year as the coronavirus crisis hit activity and demand. The hotels & restaurants sector continued to be the biggest driver of the contraction, falling 20.7 percent from a year earlier. In addition, output dropped for wholesale & retail trade; transportation & storage; recreation and culture activities; administrative activities and related additional services; and education. Mining & quarrying was down 10.4 percent and utilities output fell 3.0 percent, while manufacturing production grew 2.0 percent. Considering 2020 as a whole, the economy shrank 3.0 percent, compared with a 2.0 percent expansion in 2019. source: Federal State Statistics Service
GDP Annual Growth Rate in Russia averaged 2.70 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 April of 2021.
GDP Annual Growth Rate in Russia is expected to be 7.50 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 3.10 in 12 months time. In the long-term, the Russia GDP Annual Growth Rate is projected to trend around 3.20 percent in 2022 and 2.50 percent in 2023, according to our econometric models.