The Dynamics and Pattern of Russia’s Economic Growth in 2018

Russian Economy in 2018. Trends and Outlooks (Issue 40). 2019. Moscow. IEP, pp. 175-193

21 Pages Posted: 16 Sep 2019

See all articles by Olga Izryadnova

Olga Izryadnova

Gaidar Institute for Economic Policy; Russian Presidential Academy of National Economy and Public Administration

Date Written: September 5, 2019

Abstract

In 2016–2018, the economic situation was characterized by the gradual recovery of GDP positive dynamics with GDP growth rates increasing from 100.3 percent in 2016 to 101.6 percent and 102.3 percent in 2017 and 2018, respectively. The GDP real volume surpassed by 1.6 percentage point the indicator of 2014, having compensated the crisis decrease seen in 2015. Unlike the conditions of the previous two years, the nature of development of the economy in 2017-2018 was determined by simultaneous growth in demand on the international and domestic markets. With a relatively favorable foreign economic situation and sustainable positive dynamics, in 2018 exports amounted to 119.4 percent (as per the methods of the system of national accounts (SNA)) as compared to 2014. With the speed-up of the growth rates of the volume of exports to 6.3 percent, in 2018 the contribution of net exports to GDP increased to 3.5 percent against the indicator of 2.8 percent a year before in comparable prices (10.0 percent against 5.3 percent in current prices). Growth in net exports had a considerable effect on the dynamics and pattern of formation of GDP and compensated the weakening of domestic market dynamics.

Keywords: Russian economy, economic growth, GDP

JEL Classification: G18, G28, O11

Suggested Citation

Izryadnova, Olga, The Dynamics and Pattern of Russia’s Economic Growth in 2018 (September 5, 2019). Russian Economy in 2018. Trends and Outlooks (Issue 40). 2019. Moscow. IEP, pp. 175-193, Available at SSRN: https://ssrn.com/abstract=3448638 or http://dx.doi.org/10.2139/ssrn.3448638

Olga Izryadnova (Contact Author)

Gaidar Institute for Economic Policy ( email )

Gazetny pereulok, 3-5
Moscow, 125993
Russia

Russian Presidential Academy of National Economy and Public Administration ( email )

Vernadsky Avenue 82
Moscow, 119571
Russia

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