Russian Economy in 2018: Structural Aspects of Growth

Olga I. Izryadnova – Head of Structural Policy Department of the Gaidar Institute; Leading Researcher of the Russian Presidential Academy of National Economy and Public Administration (Moscow, Russia). Е-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Acceleration of the GDP growth to 2.3% in 2018 was described by simultaneous growth of external and internal demand. Contribution of net export to GDP increased in this period by 10% and became one of the main factors of temporary acceleration of economic growth against previous year with the current dynamics of components of external economic activity.

Structural constraints had significant impact on dynamics of internal market in 2018. Reduction of purchasing power of households along with a lengthy trend of reduction of their real disposable income stipulated poor growth of consumer market. Capital market experienced ongoing impact of acute investment crisis 2014–2015.

Development of production in 2018 was determined by overcoming of 2014 decline practically in every type of enlarged basic economic activity. However, lack of meaningful structural changes and reduction of cumulative factor productivity caused slowdown of industrial production dynamics against 2017.

Key words: economy, economic growth, macroeconomics, industrial production, investment, incomes of households, labor market.