Calculations from the state bank VEB indicate a steady decline in the economic indicators of the Russian Federation since the beginning of the year. Excluding the impact of seasonal fluctuations, Russia’s GDP contracted by 0.4% in the first two quarters of 2025 compared to the previous quarter, while in the third quarter it remained almost unchanged.
This is reported by Business • Media
GDP Dynamics and Key Trends
Throughout the first nine months of this year, Russia’s economy grew in only three months, while four months saw a decline, and in two months the indicators changed little. According to estimates from the Ministry of Economic Development of the Russian Federation, year-on-year growth in GDP for the first nine months was recorded at 1%. However, the pace of this growth is noticeably slowing: it was 1.4% in the first quarter, 1.1% in the second, and only 0.6% in the third.
Consumer Demand and Industry
In September 2025, there was a decrease in consumer demand—a crucial factor for economic growth in previous years. Retail trade volumes, public catering turnover, and passenger transport also declined, while only the services sector maintained its level from August. Industrial production showed a downturn for most of the year: in five out of nine months, the indicators decreased, and in September, industrial production fell by 1%. For the quarter, this sector also remained in the negative.
Out of the nine months, the Russian economy grew compared to the previous month in only three. In four other months, a decline was recorded, while in two months, GDP changed little.