Russia's GDP grew by 3.6% in 2023, after a 1.2% contraction in 2022, preliminary data showed. This growth was primarily driven by state-funded arms and ammunition production, with around 60-65% of industrial output increase attributed to the Ukraine conflict. Output rebounded for manufacturing (7% vs -2% in 2022), wholesale & retail trade (7.3% vs -12.8%), and increased at a faster pace for transportation (3.2% vs 0.1%), hospitality (10% vs 5.1%), information and communication (10% vs 0.9%) and financial services (8.6% vs 2.4%). On the expenditure side, household consumption rebounded (6.1% vs -1.1%), and fixed investment (10.5% vs 6.7%) and government spending (3.6% vs 3%) accelerated likely boosted by military spending. Looking ahead, Russia's economy minister predicts a 2.3% growth in 2024, slightly below the IMF's projected 2.6% growth. source: Federal State Statistics Service
Full Year GDP Growth in Russia increased to 3.60 percent in 2023 from -1.20 percent in 2022. Full Year GDP Growth in Russia averaged 1.43 percent from 2012 until 2023, reaching an all time high of 5.90 percent in 2021 and a record low of -2.70 percent in 2020. This page includes a chart with historical data for Russia Full Year Gdp Growth. Russia Full Year GDP Growth - values, historical data and charts - was last updated on November of 2024.
Full Year GDP Growth in Russia increased to 3.60 percent in 2023 from -1.20 percent in 2022. Full Year GDP Growth in Russia is expected to reach 3.50 percent by the end of 2024, according to Trading Economics global macro models and analysts expectations. In the long-term, the Russia Full Year GDP Growth is projected to trend around 1.50 percent in 2025 and 1.20 percent in 2026, according to our econometric models.