Russia economy at a glance

Latest figures for Russia: inflation, growth, interest rates, jobs, bond yields, debt and taxes. Updated 6 November 2026. Open Russia on the interactive map →

Key figures

Indicator	Latest	Period	Previous
Inflation (consumer prices, year on year)	6.3%	September 2026	6.3% August 2026
Core inflation (excluding food and energy)	5.5%	September 2026	5.4% August 2026
Real GDP growth (year on year)	1.3%	Q2 2026	−0.2% Q1 2026
Policy rate (Bank of Russia)	14.00%	November 2026	14.00% October 2026
Unemployment rate	2.2%	September 2026	2.2% August 2026
10-year government bond yield	16.56%	October 2026	16.88% September 2026
Manufacturing PMI (S&P Global Russia Manufacturing PMI)	49.9	October 2026	49.8 September 2026
Retail sales (year on year)	3.9%	September 2026	3.3% August 2026
Industrial production (year on year)	1.8%	September 2026	−0.6% August 2026
Wages (year on year)	9.6%	Q2 2026
House prices (year on year)	5.7%	Q2 2026	4.5% Q1 2026
Stock market (MOEX Russia Index (IMOEX))	2,428	October 2026

Questions and answers

What is the inflation rate in Russia?

Russia's annual inflation rate was 6.3% in September 2026, unchanged from August 2026.

What is the interest rate in Russia?

The Bank of Russia key rate is 14.00% (as of November 2026). The next rate decision is due on 18 December 2026.

How fast is Russia's economy growing?

Russia's real GDP grew 1.3% year on year in Q2 2026. The IMF's October 2026 World Economic Outlook forecasts growth of 0.9% in 2026 and 0.9% in 2027.

What is the unemployment rate in Russia?

Russia's unemployment rate was 2.2% in September 2026, unchanged from August 2026.

What is Russia's 10-year government bond yield?

Russia's 10-year government bond yield averaged 16.56% in October 2026.

How much government debt does Russia have?

Russia's government debt is about 18.3% of GDP (latest annual figure), with a budget deficit of 2.6% of GDP.

What is the VAT rate in Russia?

Russia's standard VAT rate is 22% (2026 rules).

What is the corporate tax rate in Russia?

Russia's corporate income tax rate is 25.0% (2026 rules).

Who leads Russia?

Russia is led by President Vladimir Putin (head of state); Prime Minister Mikhail Mishustin (head of government). Next election: Presidential election, March 2030 (State Duma election held 18-20 Sep 2026).

Outlook

Growth is expected to stay weak: the IMF (Oct 2026) sees 0.9% in 2026 and 2027 and the World Bank 0.8% in 2026, with high real rates, labour shortages and tax increases weighing on civilian demand. On 23 October the Bank of Russia held its key rate at 14%, raised its end-2026 inflation forecast to 7.1-7.6% and now sees the rate averaging 12.5-13.5% in 2027, so further rate cuts are on hold. Upside comes from elevated oil prices and any durable de-escalation with Ukraine (US-brokered talks are due to resume in November); downside risks are further Ukrainian strikes on refineries, sticky inflation expectations and tighter secondary sanctions.

Why Russia matters for the world economy

Russia matters to the world mainly as an energy and commodity supplier: it remains one of the largest crude and refined-product exporters, now overwhelmingly to China, India and Turkey, plus a major wheat, fertiliser and metals seller. Ukrainian drone strikes on refineries and ports have cut output (oil production is estimated about 5% lower y/y in Q3 2026) and squeezed diesel supply, which feeds into global product cracks at a time when the US-Iran conflict is already disrupting Gulf flows. US moves to loosen sanctions on Russian diesel and any energy ceasefire would ease global fuel tightness, while sanctions escalation would hit Indian and Chinese refiners and shipping/insurance chains. Financial spillovers are small given Russia's isolation from Western capital markets.

Politics

The Kremlin-backed United Russia party retained a commanding Duma majority in the September 2026 election, with the CPRF, LDPR and New People also returning; independent and anti-war candidates were largely kept off the ballot. Policy remains organised around the war in Ukraine: defence outlays keep the budget in deficit, and the government is pushing new tax increases in the 2027-29 budget. Episodic US-Russia contacts (a diesel-supply deal and a claimed energy ceasefire in October) have not produced a ceasefire, although the Kremlin said on 23 October that US-brokered talks with Ukraine are planned in Abu Dhabi in early November. Sanctions and Ukrainian strikes on energy assets remain key economic variables.

System: Federal semi-presidential republic (highly centralised presidential rule in practice).

Economy and taxes

GDP: US$2,561 billion
Population: 146.0 million
Government debt: 18.3% of GDP
Budget balance: −2.6% of GDP
Current account: 2.0% of GDP
Exports: 18.2% of GDP
Main exports: Crude oil, refined petroleum products, natural gas/LNG, coal, gold, metals (aluminium, steel, PGMs), wheat, fertilisers
IMF growth forecast: 0.9% in 2026, 0.9% in 2027
IMF inflation forecast: 6.1% in 2026, 4.8% in 2027
Currency: RUB
Freelancer tax: A self-employed person earning the average wage (RUB 1,204,320 a year) pays about 17.8% of it in income tax and social contributions (2026 rules)
Top income tax rate: 22.0%
Gold reserves: 2,326.5 tonnes (November 2025)
Energy self-sufficiency: 176% (2024)

Recent news

4 November 2026 Talks with Ukraine and the US rescheduled for 10-11 November after Moscow skipped October Kyiv Independent
The trilateral round expected in Abu Dhabi in October did not happen because the Kremlin declined to take part; it is now scheduled for 10-11 November. Moscow continues to reject a full ceasefire and to demand that Ukraine give up Donbas.
4 November 2026 China confirms talks on a possible Trump-Xi-Putin meeting at APEC Meduza
Beijing said for the first time that it is in contact with the parties about a three-way leaders' meeting, which could take place at the APEC summit in Shenzhen on 18-19 November. Putin reportedly wants it to settle the war on Russia's terms, while Trump wants to discuss nuclear arms.
2 November 2026 Russian factory activity shrinks for a third month, though only slightly Trading Economics
The S&P Global manufacturing PMI edged up to 49.9 in October from 49.8, a third month just below the 50 line that separates growth from contraction. Output and new orders fell only marginally, and business confidence rose to a four-month high.
29 October 2026 Duma backs a 2027 budget with a 5.4 trillion ruble deficit in first reading Vesti
Lawmakers approved the three-year federal budget in its first reading. It plans 2027 revenue of 43.3trn rubles and spending of 48.7trn, leaving a deficit of 5.4trn rubles, with defence and social support among the largest items. The second reading is set for 19 November.
28 October 2026 Russian industrial output unexpectedly rebounds in September Trading Economics
Industrial production rose 1.8% y/y in September after a 0.6% fall in August, beating forecasts of a small decline, as manufacturing grew 5.6%. Mining output fell 4.1% and electricity and gas supply 3.2%.
23 October 2026 Bank of Russia holds key rate at 14% and raises its inflation forecast Bank of Russia
The central bank kept rates on hold for a second meeting as annual inflation reached 6.8% in mid-October. It now expects 7.1-7.6% inflation at end-2026, sees the key rate averaging 12.5-13.5% in 2027 and said pro-inflationary risks prevail.

Headlines and summaries are compiled daily from the linked reports with AI assistance.