Gross domestic product (GDP) growth rate in Russia 2024

Russia: Real gross domestic product (GDP) growth rate from 2014 to 2024 (compared to the previous year)

by H. Plecher, last edited May 14, 2019
Gross domestic product (GDP) growth rate in Russia 2024 The statistic depicts Russia's gross domestic product (GDP) growth rate from 2014 to 2017, with projections up until 2024. GDP refers to the total market value of all goods and services that are produced within a country per year. It is an important indicator of the economic strength of a country. Real GDP is adjusted for price changes and is therefore regarded as a key indicator for economic growth. In 2017, Russia's real GDP grew by about 1.65 percent compared to the previous year.
Trade balance of Russia

With the exception of 2009, Russia’s gross domestic product was relatively stable year-over-year, however at a higher rate prior to the financial crisis. In 2012, Russia reported a trade surplus, meaning that more goods and services combined were exported than imported. However, Russia primarily profited from exporting goods, earning the majority of its revenues from its trade balance of goods, while the nation posted a trade deficit on its services, its highest loss recorded since 2003.

Russia imports and exports its products and services primarily to neighboring countries or countries in Europe. Russia’s most important trade partner is arguably China, potentially due to shared borders and strong political relations between the two nations. China is accountable for roughly 19.2 percent of all of Russia’s imports, however only makes up roughly 8.3 percent of the country’s total exports. China has become an important import partner for many nations around the world as well as a country where larger companies can manufacture goods at a cheaper price.
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Russia: Real gross domestic product (GDP) growth rate from 2014 to 2024 (compared to the previous year)

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