Overview

• Rosstat put Q2 2025 GDP at 49.5168 trillion rubles in current prices, with the GDP deflator up 3.6% year over year.
• Real growth was driven by domestic final demand rising 1.9% and final consumption up 2.5%.
• Household spending increased 3.2%, while consumption by government and nonprofit institutions serving households rose 0.7%.
• Gross accumulation edged up 0.1% as fixed capital formation gained 1% and inventory buildup slowed; consumption’s share rose to 73.1%, accumulation to 25%, and net exports fell to 1.9%, while labor’s income share climbed to 49.5% as profits and net taxes declined.
• The Economy Ministry separately estimated GDP growth at 0.4% year over year in August, leaving seasonally adjusted monthly output flat and year-to-date growth at 1%.