Russia's share in total world GDP was 3.2%

By Rhod Mackenzie

Russia accounts for 3.2% of the world's gross domestic product (GDP). The World Bank calculates the global GDP in purchasing power parity (PPP).

According to Rosstat, Russia is the fifth largest economy in the world in terms of GDP using P.P.P.

China, the USA, India, and Japan occupy the top four spots. The Russian Federation ranks eighth in terms of nominal GDP. The countries above it in the ranking are the USA, China, Japan, Germany, India, Great Britain, and France.
On January 30, Pierre-Olivier Gourinchas, Chief Economist and Director of the IMF's Research Department, stated that the Russian economy is exhibiting stronger growth rates than expected. The report predicts that GDP growth will reach 2.6% by 2024, an increase of 1.5% compared to previous expectations from October 2023.

On January 25, James O'Brien, the US Assistant Secretary of State for European and Eurasian Affairs, stated that Russian economic leaders have demonstrated real talent in recent years in helping the country cope with Western sanctions.

During the 'Results of the Year' on December 14, Russian President Vladimir Putin announced a significant margin of safety for the Russian economy. He noted that the Russian Federation had accumulated a margin of strength and stability in its finances and economy over previous decades. Regarding the country's economic indicators, he highlighted GDP as the most significant one, with an expected growth of 3.5% by the end of the year.