Russia's gross domestic product shrank 3.4 percent year-on-year in the third quarter of 2020, easing from an 8.0 percent contraction in the previous three-month period and compared with a preliminary estimate of a 3.6 percent decline. The Russian economy slid into recession this year as the coronavirus outbreak and lockdown measures to curb its spread hit activity and demand. The hotels & restaurants sector was the biggest driver of the contraction, falling 25.9 percent in the July to September period after the second quarter's 56.9 percent tumble. In addition, output dropped for wholesale & retail trade; transportation & storage; professional, scientific & technical activities; and education. Mining & quarrying was down 12.3 percent and utilities output fell 2.6 percent, while manufacturing production was unchanged. 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 December of 2020.
GDP Annual Growth Rate in Russia is expected to be -2.80 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.