In the first quarter of 2024, the real gross domestic product (GDP) of Russia grew by 5.4 percent compared to the same quarter of the previous year. The decline in GDP recorded between the second quarter of 2022 and the first quarter of 2023 was related to the economic impact of the war in Ukraine, in response to which Western countries imposed sanctions on Russia. However, the recent monthly GDP growth data reflects the resilience of the economy in the face of external pressure in the short term.
GDP refers to the total market value of all goods and services produced within a country. It is an important indicator of economic strength. Real GDP is adjusted for price changes and is therefore regarded as a key indicator for economic growth.
Trade with China has eased the sanctions’ pressure
The dynamic trade relationship with China has likely played a key role in bolstering Russia's economic recovery, contributing to an over-three-percent GDP growth estimated for 2024. The importance of trade partnerships and their impact on GDP growth is underscored by the example of China's influence on both Russia's imports, especially of technology and equipment, and exports, particularly of fossil fuels.
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Russian Federal State Statistics Service. (June 14, 2024). Russia: Growth of the real gross domestic product (GDP) from 1st quarter 2018 to 1st quarter 2024 (compared to the same quarter of the previous year) [Graph]. In Statista. Retrieved February 19, 2025, from https://www.statista.com/statistics/276951/gross-domestic-product-gdp-growth-rate-in-russia-by-quarter/?__sso_cookie_checker=failed
Russian Federal State Statistics Service. "Russia: Growth of the real gross domestic product (GDP) from 1st quarter 2018 to 1st quarter 2024 (compared to the same quarter of the previous year)." Chart. June 14, 2024. Statista. Accessed February 19, 2025. https://www.statista.com/statistics/276951/gross-domestic-product-gdp-growth-rate-in-russia-by-quarter/?__sso_cookie_checker=failed
Russian Federal State Statistics Service. (2024). Russia: Growth of the real gross domestic product (GDP) from 1st quarter 2018 to 1st quarter 2024 (compared to the same quarter of the previous year). Statista. Statista Inc.. Accessed: February 19, 2025. https://www.statista.com/statistics/276951/gross-domestic-product-gdp-growth-rate-in-russia-by-quarter/?__sso_cookie_checker=failed
Russian Federal State Statistics Service. "Russia: Growth of The Real Gross Domestic Product (Gdp) from 1st Quarter 2018 to 1st Quarter 2024 (Compared to The Same Quarter of The Previous Year)." Statista, Statista Inc., 14 Jun 2024, https://www.statista.com/statistics/276951/gross-domestic-product-gdp-growth-rate-in-russia-by-quarter/?__sso_cookie_checker=failed
Russian Federal State Statistics Service, Russia: Growth of the real gross domestic product (GDP) from 1st quarter 2018 to 1st quarter 2024 (compared to the same quarter of the previous year) Statista, https://www.statista.com/statistics/276951/gross-domestic-product-gdp-growth-rate-in-russia-by-quarter/?__sso_cookie_checker=failed (last visited February 19, 2025)
Russia: Growth of the real gross domestic product (GDP) from 1st quarter 2018 to 1st quarter 2024 (compared to the same quarter of the previous year) [Graph], Russian Federal State Statistics Service, June 14, 2024. [Online]. Available: https://www.statista.com/statistics/276951/gross-domestic-product-gdp-growth-rate-in-russia-by-quarter/?__sso_cookie_checker=failed