By Anthony Marcus, correspondent for Eurasia Business News, June 20, 2024. Article n°1040.
Russia’s GDP at purchasing power parity in 2023 stood at $6.45 trillion, according to data from Rosstat, the federal statistics agency. This is $715 billion more than in 2021, when the figure was $5,730 billion (3.8% of global GDP). The estimate for the previous two years is based on an increase in the 2021 indicator by the deflating index.
Earlier, the World Bank updated its estimates for 2021 and indicated that the Russian economy ranks 4th in the world ranking of 176 countries in terms of GDP in PPP. The country surpassed Japan (3.7% and $5.6 trillion) and Germany (3.4% and $5.2 trillion). Above Russia in the 2021 rankings are India (7.2% and $11 trillion), the United States (15.5% and $24 trillion) and China (18.9% and $29 trillion).
The Russian economy in the first quarter of 2024 is estimated to have grown by 5.4% compared to the first quarter of 2023, the Rosstat agency reported. This is its first assessment of Russian GDP dynamics in 2024.
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On April 26, the Bank of Russia upgraded its forecast for Russian GDP growth in 2024 to 2.5-3.5%, from 1-2% in the February version.
In his book on the BRICS, the essayist and consultant Paul Jouvenet writes:
“According to the IMF and the World Bank, Russia ranks6th ahead of the United Kingdom (9th), France (10th), Italy (12th), South Korea (14th) or Canada (15th), in terms of GDP in purchasing power parity (PPP), for a total amount of $4649.7 billion in 2022 ($4970 billion in 2021). […] Russia was already in sixth place in 2020 and 2021, according to World Bank data.”
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According to data published by the IMF, Russia’s GDP in purchasing power parity in 2023 amounts to $4989 billion, ahead of France ($3873 billion) but behind Germany ($5546 billion).
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