Russia's GDP Grew by 1.3% in the Second Quarter of 2026

Rosstat reported a 1.3% year-on-year growth in Russia's GDP in the second quarter of 2026, despite declines in civilian sectors and hits to oil refineries. The economy ended the first quarter with a contraction of 0.2%. Vladimir Putin demanded measures to restore growth following criticism of the government's economic bloc. The expectations of the Ministry of Economic Development and the Central Bank were lower, at 0.9% and 0.8% respectively. For the first half of the year, the economy grew by 0.6%, significantly below the rates of the military boom in 2023-2024. Key growth factors include a 16% increase in budget expenditures, support for the defense industry amid a 3.2% decline in the civilian sector, and favorable external conditions. Economists warn of potential stagnation, high interest rates, and the consequences of strikes by Ukrainian drones. It is expected that the destruction of infrastructure will lead to inflation 2-3% higher than previous forecasts and halt the growth of real incomes. Russia's budget deficit reached nearly 6.5 trillion rubles, which is twice the annual plan.

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