Russia’s Economy Surges to $6.45 Trillion, Outpacing Japan and Germany in GDP Rankings

Russia’s economy has been steadily growing and its purchasing power parity GDP in 2023 reached $6.45 trillion, according to Rosstat. This is a significant increase of $715 billion from the previous year, when it was $5,730 billion. The estimates for previous years were based on an adjustment of the 2021 indicator by the deflating index.

The World Bank recently updated its estimates for 2021, revealing that Russia’s economy ranks 4th in the world among 176 countries in terms of GDP in PPP. Russia surpassed Japan ($5.6 trillion) and Germany ($5.2 trillion), with India, the United States, and China holding the top three positions.

In the first quarter of 2024, Russian GDP growth is estimated to be 5.4% compared to the same period in 2023, as reported by Rosstat. This marks the first assessment of Russian GDP dynamics in 2024.

The Bank of Russia also revised its forecast for Russian GDP growth in 2024, increasing the range to 2.5-3.5% from the previous forecast of 1-2% in February. According to this new forecast, Russia’s economy will continue to show strong growth and remain a significant player in the global economy.

IMF and World Bank data show that Russia ranks 6th in terms of GDP in purchasing power parity ahead of several major economies including France, Italy, South Korea and Canada