Global InformationEconomy of Russia information
 Moscow, the financial center of Russia | |
| Currency | Russian ruble (RUB, ₽) |
|---|---|
Fiscal year | Calendar year[1] |
Trade organizations | WTO, BRICS, EAEU, CIS, GECF, APEC, G20 and others |
Country group |
|
| Statistics | |
| Population |  147,190,000 (late 2021 census)[4] |
| GDP |
|
| GDP rank |
|
GDP growth |
|
GDP per capita |
|
GDP per capita rank |
|
GDP by sector |
|
Inflation (CPI) |  6.6% (October 2023)[9] |
Population below poverty line |
|
Gini coefficient |  37.5 medium (2018, World Bank)[12] |
Human Development Index |
|
Labor force |
|
Labor force by occupation |
|
| Unemployment |
|
Average gross salary | RUB 76,604 / €700 per month |
Average net salary | RUB 66,645 / €609 per month |
Main industries | Complete range of mining and extractive industries producing coal, oil, gas, chemicals, and metals; all forms of machine building from rolling mills to high-performance aircraft and space vehicles; defence industries (including radar, missile production, advanced electronic components), shipbuilding; road and rail transportation equipment; communications equipment; agricultural machinery, tractors, and construction equipment; electric power generating and transmitting equipment; medical and scientific instruments; consumer durables, textiles, foodstuffs, handicrafts |
| External | |
| Exports | $492.3 billion (2021)[18] |
Export goods | Crude petroleum, refined petroleum, natural gas, coal, wheat, iron (2019) |
Main export partners |
|
| Imports | $293.5 billion (2021)[18] |
Import goods | Cars and vehicle parts, packaged medicines, broadcasting equipment, aircraft, computers (2019) |
Main import partners |
|
FDI stock |
|
Current account |
|
Gross external debt | $381.77 billion (December 2022)[23] |
| Public finances | |
Government debt |
|
Budget balance | 3.8% of GDP (2022)[24] |
| Revenues | 49.606 ₽ trillion[22] 33.22% of GDP (2022)[22] |
| Expenses | 53.038 ₽ trillion[22] 35.52% of GDP (2022)[22] |
Credit rating |
|
Foreign reserves | $592 billion (January 2023)[29][unreliable source?] (4th) |
Main data source: CIA World Fact Book All values, unless otherwise stated, are in US dollars. | |
The economy of Russia has gradually transformed from a planned economy into a mixed market-oriented economy.[30] It has enormous natural resources, particularly oil and natural gas.[31] In 2023, it was the world's 11th-largest economy by nominal GDP, 6th-largest by purchasing power parity (PPP) according to IMF, and 5th-largest according to World Bank.[5] Due to a volatile currency exchange rate, Russia's GDP as measured in dollars fluctuates sharply.[32] Russia was the last major economy to join the WTO, becoming a member in 2012.[33]
Russia's vast geography is an important determinant of its economic activity, with the country holding a large share of the world's natural resources.[34] It has been widely described as an energy superpower;[35] as it has the world's largest natural gas reserves,[36] 2nd-largest coal reserves,[37] 8th-largest oil reserves,[38] and the largest oil shale reserves in Europe.[39] It is the world's leading natural gas exporter,[40] the 2nd-largest natural gas producer,[41] the 2nd-largest oil exporter[42] and producer[43] and third largest coal exporter.[44] Russia's foreign exchange reserves are the world's 4th-largest.[45][unreliable source?] It has a labour force of roughly 70 million people, which is the world's 7th-largest.[46] Russia is the world's 3rd-largest exporter of arms.[47] The oil and gas sector accounted up to roughly 34% of Russia's federal budget revenues,[48] and up to 54% of its exports in 2021.[49][50] Russia has the world's 5th-largest number of billionaires.[51] Russia's inequality of household income and wealth remains comparatively high,[52] with a Gini coefficient of 36 in 2020 as compared to 39.8 in the US in 2021.[53]
Following the 2022 Russian invasion of Ukraine, the country has faced extensive sanctions and boycotts from the Western world and its allies which are aimed at isolating the Russian economy from the Western financial system.[54] Russia's economy has been affected by the sanctions but appears relatively resilient to them.[55][56][57][58]
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- ^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Archived from the original on 22 December 2019. Retrieved 29 September 2019.
- ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Archived from the original on 28 October 2019. Retrieved 29 September 2019.
- ^ Not including 2,482,450 people living in annexed Crimea Том 1. Численность и размещение населения. Russian Federal State Statistics Service (in Russian). Archived from the original on 24 January 2020. Retrieved 3 September 2022.
- ^ a b c d e "World Economic Outlook database: October 2023". IMF.org. International Monetary Fund. Archived from the original on 30 October 2023. Retrieved 11 April 2023.
- ^ https://www.bofit.fi/en/monitoring/weekly/2024/vw202407_1/
- ^ https://www.themoscowtimes.com/2024/04/16/imf-raises-russias-growth-forecast-for-2024-a84861
- ^ a b "Central Intelligence Agency". Cia.gov. Archived from the original on 9 January 2021. Retrieved 5 April 2015.
- ^ Inman, Phillip (27 October 2023). "Russia raises interest rate to 15% after steep climb in inflation". The Guardian. Archived from the original on 29 October 2023. Retrieved 29 October 2023.
- ^ "Poverty headcount ratio at national poverty lines (% of population) – Russian Federation". data.worldbank.org. World Bank. Archived from the original on 1 November 2020. Retrieved 21 March 2020.
- ^ "Poverty and Inequality Platform". World Bank. Archived from the original on 25 January 2023. Retrieved 17 May 2022.
- ^ "Gini index (World Bank estimate) – Russian Federation". data.worldbank.org. World Bank. Archived from the original on 13 May 2020. Retrieved 28 October 2020.
- ^ "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Archived from the original on 15 December 2019. Retrieved 12 November 2022.
- ^ "Inequality-adjusted HDI (IHDI)". hdr.undp.org. UNDP. Archived from the original on 25 June 2016. Retrieved 12 November 2022.
- ^ "Labor force, total – Russia". World Bank & ILO. Archived from the original on 28 March 2023. Retrieved 22 September 2020.
- ^ "Employment to population ratio, 15+, total (%) (national estimate) – Russia". World Bank. Archived from the original on 25 January 2023. Retrieved 29 September 2019.
- ^ "Russia: Unemployment rate from November 2020 to November 2022". Statista. 28 December 2022. Archived from the original on 25 January 2023. Retrieved 30 December 2022.
- ^ a b "Russian Total Imports and Exports Data (2010–2021)". www.trendeconomy.com. 14 November 2022. Archived from the original on 25 January 2023. Retrieved 25 January 2023.
- ^ "Export Partners of Russia". The Observatory of Economic Complexity. Archived from the original on 5 April 2023. Retrieved 5 April 2023.
- ^ "Import Partners of Russia". The Observatory of Economic Complexity. Archived from the original on 9 April 2023. Retrieved 5 April 2023.
- ^ a b "UNCTAD 2022" (PDF). UNCTAD. Archived (PDF) from the original on 12 December 2022. Retrieved 6 January 2022.
- ^ a b c d e f g "Report for Selected Countries and Subjects: October 2022". imf.org. International Monetary Fund. Archived from the original on 25 January 2023. Retrieved 25 January 2023.
- ^ "External Debt | Economic Indicators | CEIC". www.ceicdata.com. Archived from the original on 10 February 2023. Retrieved 25 January 2023.
- ^ Korsunskaya, Darya; Marrow, Alexander (17 February 2023). "Russia stands by 2% of GDP budget deficit plan after huge Jan shortfall". Reuters. Archived from the original on 27 February 2023. Retrieved 27 February 2023.
- ^ "Sovereigns rating list". Standardandpoors.com. Standard & Poor's. Archived from the original on 24 September 2015. Retrieved 19 March 2015.
- ^ "Russia on Cusp of Exiting Junk as S&P Outlook Goes Positive". Bloomberg.com. Bloomberg L.P. 17 March 2017. Archived from the original on 31 August 2020. Retrieved 24 April 2017.
- ^ "Moody's changes outlook on Russia's Ba1 government bond rating to stable from negative". Moody's. 17 February 2017. Archived from the original on 18 February 2017. Retrieved 24 April 2017.
- ^ "Russia's Outlook Raised to Stable by Fitch on Policy Action". Bloomberg. 14 October 2016. Archived from the original on 8 November 2020. Retrieved 24 April 2017.
- ^ "International Reserves of the Russian Federation (End of period)". Central Bank of Russia. Archived from the original on 12 November 2020. Retrieved 13 January 2023.
- ^
—Rosefielde, Steven, and Natalia Vennikova. “Fiscal Federalism in Russia: A Critique of the OECD Proposals". Cambridge Journal of Economics, vol. 28, no. 2, Oxford University Press, 2004, pp. 307–18, JSTOR 23602130.
—Robinson, Neil. “August 1998 and the Development of Russia's Post-Communist Political Economy". Review of International Political Economy, vol. 16, no. 3, Taylor & Francis, Ltd., 2009, pp. 433–55, JSTOR 27756169.
—Charap, Samuel. “No Obituaries Yet for Capitalism in Russia". Current History, vol. 108, no. 720, University of California Press, 2009, pp. 333–38, JSTOR 45319724.
—Rutland, Peter. “Neoliberalism and the Russian Transition". Review of International Political Economy, vol. 20, no. 2, Taylor & Francis, Ltd., 2013, pp. 332–62, JSTOR 42003296.
—Kovalev, Alexandre, and Alexandre Sokalev. “Russia: Towards a Market Economy". New Zealand International Review, vol. 18, no. 1, New Zealand Institute of International Affairs, 1993, pp. 18–21, JSTOR 45234200.
—Czinkota, Michael R. “Russia's Transition to a Market Economy: Learning about Business". Journal of International Marketing, vol. 5, no. 4, American Marketing Association, 1997, pp. 73–93, JSTOR 25048706. - ^ Excerpted from Curtis, Glenn E., ed. (1998). "Russia – Natural Resources". Country Studies US. Federal Research Division of the Library of Congress. Archived from the original on 13 March 2022. Retrieved 25 June 2021.
Russia is one of the world's richest countries in raw materials, many of which are significant inputs for an industrial economy. Russia accounts for around 20 per cent of the world's production of oil and natural gas and possesses large reserves of both fuels. This abundance has made Russia virtually self-sufficient in energy and a large-scale exporter of fuels.
- ^ Turak, Natasha (23 June 2022). "Russia's ruble hit its strongest level in 7 years despite massive sanctions. Here's why". CNBC. Archived from the original on 14 February 2023. Retrieved 12 April 2023.
- ^ "Russia becomes WTO member after 18 years of talks". BBC News. 16 December 2011. Archived from the original on 1 December 2022. Retrieved 28 November 2023.
- ^ Bruno S. Sergi, ed. (23 May 2019). Modeling Economic Growth in Contemporary Russia. Emerald Group Publishing. pp. 99–. ISBN 978-1-78973-265-8. OCLC 1101173631. Archived from the original on 5 March 2024. Retrieved 18 March 2022.
- ^ "The Future of Russia as an Energy Superpower". Harvard University Press. 20 November 2017. Archived from the original on 2 December 2022. Retrieved 22 February 2021.
- ^ N. Sönnichsen (15 June 2021). "Natural gas – countries with the largest reserves 2009–2019". Statista. Archived from the original on 12 August 2021. Retrieved 2 July 2021.
Russia has the largest proved natural gas reserves in the world. As of 2019, it had 38 trillion cubic meters worth of the fossil fuel, four trillion cubic meters more than ten years prior.
- ^ "Statistical Review of World Energy 69th edition" (PDF). bp.com. BP. 2020. p. 45. Archived (PDF) from the original on 19 September 2020. Retrieved 8 November 2020.
- ^ "Crude oil – proved reserves". CIA World Factbook. Central Intelligence Agency. Archived from the original on 26 March 2023. Retrieved 2 July 2021.
- ^ 2010 Survey of Energy Resources (PDF). World Energy Council. 2010. p. 102. ISBN 978-0-946121-021. Archived (PDF) from the original on 4 March 2012. Retrieved 8 November 2020.
- ^ "Natural gas – exports". CIA World Factbook. Central Intelligence Agency. Archived from the original on 5 April 2022. Retrieved 2 July 2021.
- ^ "Natural gas – production". CIA World Factbook. Central Intelligence Agency. Archived from the original on 26 March 2023. Retrieved 2 July 2021.
- ^ "Crude oil – exports". CIA World Factbook. Central Intelligence Agency. Archived from the original on 26 March 2023. Retrieved 2 July 2021.
- ^ "Crude oil – production". CIA World Factbook. Central Intelligence Agency. Archived from the original on 26 March 2023. Retrieved 2 July 2021.
- ^ Overland, Indra; Loginova, Julia (1 August 2023). "The Russian coal industry in an uncertain world: Finally pivoting to Asia?". Energy Research & Social Science. 102: 103150. Bibcode:2023ERSS..10203150O. doi:10.1016/j.erss.2023.103150. ISSN 2214-6296.
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- ^ "SIPRI Arms Transfers Database". sipri.org. Archived from the original on 19 December 2018. Retrieved 14 June 2022.
- ^ "MSN". www.msn.com. Archived from the original on 31 January 2019. Retrieved 1 January 2024.
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- ^ Davydova, Angelina (24 November 2021). "Will Russia ever leave fossil fuels behind?". BBC. Archived from the original on 13 April 2022. Retrieved 3 March 2022.
Overall in Russia, oil and gas provided 39% of the federal budget revenue and made up 60% of Russian exports in 2019.
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