The upcoming update of the budget draft (to be released by 11 February) should shed more light on the scale of upcoming fiscal stimulus and the potential impact on GDP growth. Stay up to date with all of ING’s latest economic and financial analysis. Learn more about how Statista can support your business. Economies across the EBRD regions may contract on average by 3.5 per cent this year, with a rebound of 4.8 per cent possible in 2021, the report said, warning that the projections are subject to “unprecedented uncertainty”. The recent Coronavirus outbreak may be an additional factor of uncertainty for inflation. Backlinks from other websites and blogs are the lifeblood of our site and are our primary source of new traffic. In Russia, services are the biggest sector of the economy and account for 58% of GDP. Russia’s economy declined by 3.6% year on year in the third quarter of 2020, marking a notable improvement after an 8% fall in GDP seen in the second quarter. Meanwhile, the upcoming OPEC+ meeting this week is a watch factor for additional export cuts as a response to the drop in global demand. Russia gdp for 2019 was $1,699.88B, a 1.81% increase from 2018. We have provided a few examples below that you can copy and paste to your site: Your data export is now complete. GDP growth (annual %) - Russian Federation from The World Bank: Data But … Continue reading "Russia GDP (Q2 2020)" So far Russia suspended imports of oranges and fish (16% of Russia's imports) from China, and a large Russian retailer Magnit has suspended imports of Chinese fruit and vegetables, accounting for 3% of the chain's turnover. "Year-over-year Gross Domestic Product (Gdp) Growth Rate in Russia from January 2019 to September 2020. (October 20, 2020). Then you will be able to mark statistics as favourites and use personal statistics alerts. Meanwhile, industrial sectors, agriculture, trade, transport, and financial services did not see a material deterioration. New, Everything you need to know about the industry development, Find studies from all around the internet. You can decide which cookies to allow and can change your cookie settings at any time. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country. This feature is limited to our corporate solutions. Industry contributes 40% to total output. Given that the latter is likely to somewhat lower the effect of the Russian fiscal stimulus, the importance of non-fiscal measures (ie, those affecting confidence beyond the state-driven sectors) is gaining importance and is likely to be in focus of the invesment community after the dust settles. Rebound of 4.0 per cent in 2021 possible. Meanwhile, we believe this acceleration will trigger higher imports as well: looking at the historical performance of GDP at constant prices (in real terms), increase in annual local demand by RUB 1 triggers an increase in annual imports by around RUB 0.3-0.4. While the 1H19 performance was constrained by the VAT rate hike and significant undeperformance in state spending vs. the annual plan (federal spending growth was 2% YoY in 1H19), the 2H19 growth was supported by the catching up on the budget spending to 11% YoY in 3Q19 and 17% YoY in 4Q19 (see Figure 1). Cookies are small, simple text files stored in your computer, tablet or mobile phone when you visit a website or use an app. Meanwhile, on the Russian non-food consumer market (so far no restrictions in place) China's role is more noticeable, as it accounts for around 40% of imported clothes and shoes, as well as 50-60% of consumer electronics. At the same time, future growth will depend on the path of oil prices and the extent and duration of social distancing measures. Russia's GDP decline moderated in the third quarter, but since then the second wave has rapidly intensified. Please check your download folder. 4. Finally, with 1.5-2.0 million Chinese tourists visiting Russia annually and spending US$5-7k per trip, the recent restrictions on travel can negatively affect the local retail trade and services sectors, including transport, hospitality, and restaurants at least in 1Q20. The nominal GDP of an area is determined using up-to-date market prices and shifts according to inflation. Data are in current U.S. dollars. 9. Combined with expected fiscal stimulus to both consumption and investments expected in 2020, this strengthens the argument in favour of a cautious monetary policy stance, which we expect to be reiterated at the upcoming Bank of Russia meeting on 7 February. As a result, for now we keep our initial expectations of USDRUB weakening to 66.0 by year-end, while acknowledging that the Coronavirus outbreak is an ongoing event, which can result in significant intra-year volatility. The Russian president would rather sit on his hands than risk disturbing the fragile political balance that ensures his power. Directly accessible data for 170 industries from 50 countries As we mentioned earlier, the recent government reshuffle is a sign of a potential relaxation in the budget policy, which could include an unwinding of the accumulated spending backlog of around 1% of GDP, repositioning it in favour of social payments, investments into human capital and infrastructure, and delivery on the promises to make local investments from the National Wealth Fund of around 0.3% GDP per annum. and over 1 Mio. The Bank is expecting the Russian economy to bounce bank in 2021 with GDP growth of 4.0 per cent subject to significant upside and downside risks. Analysts believe that this reflects the stress-resistant structure of the economy as well as a rather efficient, albeit modest in total funding terms, government response to the crisis. We have provided a few examples below that you can copy and paste to your site: Your image export is now complete. In the long-term, the Russia GDP is projected to trend around 1580.00 USD Billion in 2021 and 1710.00 USD Billion in 2022, according to our econometric models. GDP per capita is gross domestic product divided by midyear population. 2019 GDP performance was driven by the budget policy, suggesting that the upcoming fiscal easing may lead to stronger economic activity in 2020. GDP in Russia is expected to reach 1250.00 USD Billion by the end of 2020, according to Trading Economics global macro models and analysts expectations. I want to use all functionalities on this website. … facts. By incorporating an area’s inflation rate in the GDP calculation, nominal GDP can indicate when prices rise in an economy. This breakdown explains why the Central Bank is limiting the unsecured consumer lending growth and why the Russian government is now focusing on the National Projects, which are primarily infrastructure as the key tool of supporting the economy. The output-based GDP breakdown (see Figure 2) generally confirms that budget policy has been the most important variable in 2019. While initially we were planning to upgrade our conservative 1.5% GDP growth forecast for 2020 as a result of the fiscal easing, the recent news on Coronavirus creates additional uncertainties. In, Ministry of Economic Development of the Russian Federation. Russia gdp for 2017 was $1,574.20B, a 23.29% increase from 2016. All of our events are FREE for subscribers, contact us now to reserve your place. I agree with the use of all cookies. “The labor force reduction has been happening since 2016 but the process has now accelerated,” researchers wrote. $39 per month* 7. Russia gdp for 2019 was $1,699.88B, a 1.81% increase from 2018. Are you interested in testing our corporate solutions? Sharp fall in output, weak recovery to follow The smaller-than-expected fall in Russian GDP of 8.5% y/y in Q2 confirms that the downturn in Russia’s economy wasn’t as bad as had been feared as the crisis unfolded earlier this year.