Russia’s GDP at purchasing power parity reached $6.45 trillion in 2023, a 31% increase from the previous year, as reported by Rosstat. This growth made Russia one of the fastest-growing economies in the world, surpassing Japan and Germany in terms of global GDP. The World Bank ranked Russia’s economy fourth in the world among 176 countries, with an estimated GDP of $4989 billion in PPP for 2023.
The Russian economy saw a 5.4% growth in the first quarter of 2024 compared to the same period in 2023. This was the first assessment of Russian GDP dynamics for that year, and it was also upgraded by the Bank of Russia to a forecast range of 2.5-3.5%, up from its initial estimate of 1-2%.
In his book on the BRICS, Paul Jouvenet highlighted that according to IMF and World Bank data, Russia ranks sixth globally in terms of GDP at purchasing power parity (PPP) in 2023, ahead of many developed economies such as France, Italy, South Korea, and Canada for a total amount of $4989 billion. However, it is still behind Germany and China in terms of nominal GDP.
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