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Russia – From Recession to Recovery

Between 1999 and 2008, Russia’s GDP grew by an average of almost 7% per year. In 2009, the fall in oil prices led to a severe recession (-7.8%). Subsequently, the effect of factors that had supported growth ceased. The further fall in oil prices in the
mid-2010s, coupled with an unfavourable international context (declining demand in Europe, sanctions, etc.), led to a contraction in activity for two consecutive years (-2.8% in 2015 and -0.2% in 2016). Between 2009 and 2016, the average annual growth rate was close to zero and the growth forecasts for 2017, again positive, remain very low (1% according to Coface forecasts).

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