Gross domestic product (GDP) growth rate in Russia monthly 2019-2023

In August 2023, Russia's gross domestic product (GDP) was estimated to have increased by five percent compared to the same month of the previous year. In April 2023, the monthly GDP growth was positive for the first time since March 2022. In April 2020, the country’s GDP fell by nearly 10 percent as a result of the crisis caused by the coronavirus (COVID-19) pandemic as well as the oil price crash.

Russian economy outlook for 2023

Russia’s annual GDP was projected to increase by less than one percent in 2023, according to the International Monetary Fund (IMF) forecast from April 2023. The level of prices in the country was expected to continue increasing, with the Organization for Economic Co-operation and Development (OECD) projecting an inflation rate of around seven percent in 2023.

How were other economies recovering from 2020?

Countries across the world saw a sharp decrease in GDP in 2020 due to the COVID-19 pandemic. In 2023, the European Commission foresaw an increase in all European Union (EU) members' GDP, ranging from the lowest of 1.1 percent in Sweden and Italy to the highest of five percent in Ireland. In Latin America, the most significant increase in GDP was recorded in Peru, at 5.2 percent in 2022.