Russian Federation GDP Annual Growth Rate

Last Release

Sep 30, 2024

Actual

3.1

Units In

Frequency

Quarterly

Next Release

N/A

Time to Release

N/A

Highest	Lowest	Average	Date Range	Source
12.1 Dec 1999	-11.2 Jun 2009	2.68 %	1996-2024	Federal State Statistics Service

Russia is one of the world's leading producers of oil and natural gas and is also a top exporter of metals such as steel and primary aluminum. On the production side, services are the biggest sector of the economy and account for 58 percent of GDP. Within services the most important segments are: wholesale and retail trade (17 percent of total GDP); and public administration, health and education (12 percent). Industry constitutes 40 percent to total output and agriculture accounts for the remaining 2 percent.

Latest Updates

Russia’s GDP expanded by 3.1% from the corresponding period of the previous year in the third quarter of 2024, the slowest expansion since the first quarter of 2023, amid waning base effects from Russia’s economic crisis triggered by Western sanctions after the invasin of Ukraine in 2022. The slowdown was also due to lower demand for goods in China, Russia’s largest export partner, as its economy slows. The figure was above the Ministry of Finance's estimate of a 2.9% expansion, and slightly below the central bank's forecast of a 3.2% growth. The GDP contracted for mining (-1.1%) and agriculture, forestry, hunting (-5.2%), offset by output growth for manufacturing (5.9%).