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GDP growth rate in Russia monthly 2019-2021

In November 2020, the Russian gross domestic product (GDP) was measured at 3.7 percent lower than in the corresponding period of the previous year. Until September, the growth rate recovered slowly from April 2020, when the country’s GDP fell by nearly 10 percent as a result of the crisis caused by the COVID-19 pandemic as well as the oil price crash.

Will the Russian economy recover in 2021?

Russia’s annual GDP would decrease by 6.6 percent in 2020 but rise to 4.1 percent in 2021, according to the IMF forecast from September 2020. Industries that suffered the most due to the crisis such as air transportation, which reported a nearly 40 percent revenue loss due to COVID-19, or production of fossil fuels, were predicted to grow in 2021. However, the World Bank’s assessment implied that the country’s economy growth would depend on developments in the financial sector, consumption, global supply chains, and on how long the restrictive measures would be in place.

How did COVID-19 impact the GDP in other countries?

Countries across the world saw a sharp decrease in GDP due to the pandemic. In 2020, the European Commission foresaw an over seven percent drop in economic growth of European Union member states on average, with the most significant decline by over 14 percent projected for Spain. In Latin America, the most severe impact was estimated for the Argentinian economy, which was forecast to fall by over 12 percent in 2020 by the World Bank. The OECD data showed that China was the only country in G20 whose economy had a positive year-over-year growth rate between April and June 2020. The GDP of India and the United States fell by 23.5 and 9 percent compared to the second quarter of 2019, respectively.

Year-over-year gross domestic product (GDP) growth rate in Russia from January 2019 to November 2020

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Sources

Release date

December 2020

Region

Russia

Survey time period

January 2019 to November 2020

Supplementary notes

Figures are estimated by the Ministry of the Economic Development of Russia.
The statistic has been assembled from several reports by the source.

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