M2 money velocity
M2_VELOCITY · Money supply
Nominal GDP over four quarters divided by average M2 over the same twelve months — turnover per year.
How to read it
How many times a year the money stock turns over against nominal output. A fall means money is growing faster than the economy — often rising money demand, but it can equally be liquidity accumulating that later spills into demand. A rise is the converse. No direction is declared on purpose: an accelerating economy and a flight from money under high inflation look identical here.
How it is measured
Nominal GDP summed over the last four quarters, divided by the average of M2 across the same twelve months. Four quarters rather than one annualised: Rosstat publishes no seasonally adjusted nominal GDP, and a single quarter carries its full seasonal swing — Q4 2025 is 62.4 trn against 49.9 trn in Q1. Average M2 rather than the quarter-end stock: a flow over a period belongs against the average stock during it, and the average is insensitive to exactly how a monthly money observation is dated.
History
| Date | Value | |
|---|---|---|
| Q2 2026 | 1.77 | |
| Q1 2026 | 1.76 | |
| Q4 2025 | 1.79 | |
| Q3 2025 | 1.82 | |
| Q2 2025 | 1.85 | |
| Q1 2025 | 1.90 | |
| Q4 2024 | 1.95 | |
| Q3 2024 | 1.97 | |
| Q2 2024 | 1.99 | |
| Q1 2024 | 2.00 | |
| Q4 2023 | 2.00 | |
| Q3 2023 | 1.99 |