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Economy of Russia

Economy of Russia
MIBC in Moscow, the financial centre of Russia
CurrencyRussian ruble (RUB or руб or ₽)
Calendar year[1]
Trade organizations
WTO, BRICS, EAEU, CIS, GECF, APEC, G20 and others
Country group
Statistics
PopulationIncrease 147,190,000 (late 2021 census)[4]
GDP
GDP rank
GDP growth
  • 3.6% (2023)
  • 3.2% (2024)
  • 1.8 (2025)[5]
GDP per capita
  • Increase $14,391 (nominal; 2024 est.)[5]
  • Increase $38,292 (PPP; 2024 est.)[5]
GDP per capita rank
GDP by sector
  • 5.9% (2023)
  • 6.9% (2024 est.)[5]
Population below poverty line
Positive decrease 11% (2021)[7]
Positive decrease 36 medium (2020, World Bank)[8]
Decrease 26 out of 100 points (2023, 141st rank)
Labor force
  • Decrease 72,407,755 (2021)[11]
  • Increase 60.8% employment rate (2023)[12]
Labor force by occupation
Unemployment
  • Positive decrease 2.6% (April 2024)[13]
Average gross salary
RUB 76,604 / €700 per month
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
ExportsDecrease $465.43 billion (2023)[14]
Export goods
Crude petroleum, refined petroleum, natural gas, coal, wheat, iron (2019)
Main export partners
ImportsIncrease $378.61 billion (2023)[16]
Import goods
Cars and vehicle parts, packaged medicines, broadcasting equipment, aircraft, computers (2019)
Main import partners
FDI stock
  • Increase Inward: $38 billion (2021)[18]
  • Increase Outward: $64 billion (2021)[18]
  • Decrease $55.830 billion (2024)[19]
  • Decrease 2.714% of GDP (2024)[19]
Negative increase $381.77 billion (December 2022)[20]
Public finances
  • Negative increase 38,362 ₽ trillion (2024)[19]
  • Negative increase 35.7% of GDP (2024)[19]
3.8% of GDP (2022)[21]
RevenuesIncrease 65,808 ₽ trillion (2024)[19]
Increase 35.61% of GDP (2024)[19]
ExpensesIncrease 69,334 ₽ trillion (2024)[19]
Increase 37.52% of GDP (2024)[19]
Increase $606.7 billion (July 2024)[26] (4th)
All values, unless otherwise stated, are in US dollars.

The economy of Russia is a high-income,[27] industrialized,[28] mixed market-oriented economy.[29] It has the eleventh-largest economy in the world by nominal GDP, the sixth-largest economy by GDP purchasing power parity (PPP) according to the IMF,[5] and fourth-largest economy by GDP (PPP) according to World Bank.[30] Due to a volatile currency exchange rate, its GDP measured in dollars fluctuates sharply.[31] Russia was the last major economy to join the World Trade Organization (WTO), becoming a member in 2012.[32]

Russia has large amounts of energy resources throughout its vast landmass, particularly natural gas and petroleum, which play a crucial role in its energy self-sufficiency and exports.[33] The country has been widely described as an energy superpower;[34] with it having the largest natural gas reserves in the world,[35] the second-largest coal reserves,[36] the eigth-largest oil reserves,[37] and the largest oil shale reserves in Europe.[38] Russia is the world's leading natural gas exporter,[39] the second-largest natural gas producer,[40] the second-largest oil exporter[41] and producer,[42] and the third-largest coal exporter.[43] Its foreign exchange reserves are the fourth-largest in the world.[44] Russia has a labour force of about 72 million people, which is the eighth-largest in the world.[11] It is the third-largest exporter of arms in the world.[45] The oil and gas industry accounted up to 41% of Russia's federal budget revenues by mid-2024,[46] while fossil fuels accounted up to 43% of its merchandise exports in 2021.[47]

Russia's human development is ranked as "very high" in the annual Human Development Index.[48] Roughly 70% of Russia's total GDP is driven by domestic consumption,[49] and the country has the world's twelfth-largest consumer market.[50] Its social security system comprised roughly 16% of the total GDP in 2015.[51] Russia has the fifth-highest number of billionaires in the world.[52] However, its income inequality remains comparatively high,[53] caused by the variance of natural resources among its federal subjects, leading to regional economic disparities.[54][55] High levels of corruption,[56] a shrinking labor force,[57] and an aging and declining population also remain major barriers to future economic growth.[58][59]

Following the 2022 Russian invasion of Ukraine, the country has faced extensive sanctions and other negative financial actions from the Western world and its allies which have the aim of isolating the Russian economy from the Western financial system.[60] However, Russia's economy has shown resilience to such measures broadly, and has maintained economic stability and growth—driven primarily by high military expenditure,[61] rising household consumption and wages,[62] low unemployment,[13] and increased government spending.[63] Yet, experts predict the sanctions will have a long-term negative effect on the Russian economy.[64]

  1. ^ a b "Russia". CIA.gov. Central Intelligence Agency. Archived from the original on 9 January 2021. Retrieved 30 May 2023.
  2. ^ "World Economic Outlook Database - Groups and Aggregates Information". International Monetary Fund. Retrieved 5 August 2024.
  3. ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Archived from the original on 28 October 2019. Retrieved 1 July 2024.
  4. ^ 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.
  5. ^ a b c d e f g "World Economic Outlook database: April 2024". IMF.org. International Monetary Fund.
  6. ^ a b "Central Intelligence Agency". Cia.gov. Archived from the original on 9 January 2021. Retrieved 5 April 2015.
  7. ^ "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.
  8. ^ "Gini index (World Bank estimate) – Russian Federation". data.worldbank.org. World Bank. Archived from the original on 13 May 2020. Retrieved 28 October 2020.
  9. ^ "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.
  10. ^ "Inequality-adjusted HDI (IHDI)". hdr.undp.org. UNDP. Archived from the original on 25 June 2016. Retrieved 12 November 2022.
  11. ^ a b "Labor force, total – Russia". World Bank & ILO. Archived from the original on 28 March 2023. Retrieved 22 September 2020.
  12. ^ "Employment to population ratio, 15+, total (%) (national estimate) – Russia". World Bank. Archived from the original on 25 January 2023. Retrieved 29 September 2019.
  13. ^ a b Marrow, Alexander; Korsunskaya, Darya (5 June 2024). "Soaring wages, record-low unemployment underscore Russia's labour squeeze". Reuters. Retrieved 4 August 2024. Russia's unemployment rate dropped to a record-low 2.6% in April and real wages soared in March, data published by the federal statistics service showed on Wednesday, highlighting the extent of Russia's tight labour market.
  14. ^ "Exports of goods and services (BoP, current US$) - Russian Federation". World Bank. World Bank Group. Retrieved 5 August 2024.
  15. ^ "Export Partners of Russia". The Observatory of Economic Complexity. Retrieved 11 May 2024.
  16. ^ "Imports of goods and services (BoP, current US$) - Russian Federation". World Bank. World Bank Group. Retrieved 5 August 2024.
  17. ^ "Import Partners of Russia". The Observatory of Economic Complexity. Retrieved 11 May 2024.
  18. ^ a b "UNCTAD 2022" (PDF). UNCTAD. Archived (PDF) from the original on 12 December 2022. Retrieved 6 January 2022.
  19. ^ a b c d e f g h "Report for Selected Countries and Subjects:April 2024". International Monetary Fund. Retrieved 5 August 2024.
  20. ^ "External Debt | Economic Indicators | CEIC". www.ceicdata.com. Archived from the original on 10 February 2023. Retrieved 25 January 2023.
  21. ^ 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.
  22. ^ "Sovereigns rating list". Standardandpoors.com. Standard & Poor's. Archived from the original on 24 September 2015. Retrieved 19 March 2015.
  23. ^ "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.
  24. ^ "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.
  25. ^ "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.
  26. ^ "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.
  27. ^ "World Bank Country and Lending Groups – World Bank Data Help Desk". datahelpdesk.worldbank.org. Retrieved 1 July 2024.
  28. ^ "Industrial countries". Oxford Reference. Oxford University Press. Retrieved 3 August 2024. ...and the countries of the former Soviet Union and Central and Eastern Europe, of which several, including Russia and the Czech Republic, are heavily industrialized.
  29. ^ —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.
  30. ^ "GDP, PPP (current international $)". World Bank. World Bank Group. Retrieved 3 August 2024.
  31. ^ 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.
  32. ^ "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.
  33. ^ 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.
  34. ^ "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.
  35. ^ "Russia". International Energy Agency (IEA). 8 August 2024. Russia is the world's second-largest producer of natural gas, behind the United States, and has the world's largest gas reserves.
  36. ^ "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.
  37. ^ "Crude oil – proved reserves". CIA World Factbook. Central Intelligence Agency. Archived from the original on 26 March 2023. Retrieved 2 July 2021.
  38. ^ 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.
  39. ^ "Natural gas – exports". CIA World Factbook. Central Intelligence Agency. Archived from the original on 5 April 2022. Retrieved 2 July 2021.
  40. ^ "Natural gas – production". CIA World Factbook. Central Intelligence Agency. Archived from the original on 26 March 2023. Retrieved 2 July 2021.
  41. ^ "Crude oil – exports". CIA World Factbook. Central Intelligence Agency. Archived from the original on 26 March 2023. Retrieved 2 July 2021.
  42. ^ "Crude oil – production". CIA World Factbook. Central Intelligence Agency. Archived from the original on 26 March 2023. Retrieved 2 July 2021.
  43. ^ 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.
  44. ^ "International Reserves of the Russian Federation (End of period)". Central Bank of Russia. Archived from the original on 12 November 2020. Retrieved 21 June 2021.
  45. ^ Wezeman, Pieter D.; Djokic, Katarina; George, Mathew; Hussain, Zain; Wezeman, Siemon T. (March 2024). "Trends in International Arms Transfers, 2023" (PDF). Stockholm International Peace Research Institute (SIPRI). The five largest exporters were the United States, France, Russia, China and Germany.
  46. ^ "Russian oil and gas revenue soars 41% in first half, data shows". Reuters. 3 July 2024. Retrieved 8 August 2024. Proceeds from oil and gas sales for Russia's federal budget rose by around 41% year on year in the first half of the year 5.698 trillion roubles ($65.12 billion), finance ministry data showed on Wednesday...
  47. ^ "Fuel exports (% of merchandise exports) - Russian Federation". World Bank. Retrieved 8 August 2024.
  48. ^ "Russian Federation". United Nations Development Programme (UNDP). Retrieved 5 August 2024. Russian Federation's HDI value for 2022 is 0.821— which put the country in the Very High human development category—positioning it at 56 out of 193 countries and territories.
  49. ^ "Final consumption expenditure (% of GDP) – Russia". World Bank. Retrieved 5 August 2024.
  50. ^ "Household final consumption expenditure (current US$) | Data". World Bank. Retrieved 5 August 2024.
  51. ^ "Public social protection expenditure (%of GDP)". World Bank. World Bank Group. Retrieved 9 August 2024.
  52. ^ "Forbes Billionaires 2021". Forbes. Archived from the original on 4 January 2019. Retrieved 13 April 2021.
  53. ^ Russell, Martin (April 2018). "Socioeconomic inequality in Russia" (PDF). European Parliamentary Research Service. European Parliament. Archived (PDF) from the original on 17 February 2022. Retrieved 25 January 2022.
  54. ^ Remington, Thomas F. (March 2015). "Why is interregional inequality in Russia and China not falling?". Communist and Post-Communist Studies. 48 (1). University of California Press: 1–13. doi:10.1016/j.postcomstud.2015.01.005. JSTOR 48610321.
  55. ^ Kholodilin, Konstantin A.; Oshchepkov, Aleksey; Siliverstovs, Boriss (2012). "The Russian Regional Convergence Process: Where Is It Leading?". Eastern European Economies. 50 (3). Taylor & Francis: 5–26. doi:10.2753/EEE0012-8775500301. JSTOR 41719700. S2CID 153168354.
  56. ^ Schulze, Günther G.; Sjahrir, Bambang Suharnoko; Zakharov, Nikita (February 2016). "Corruption in Russia". The Journal of Law and Economics. 59 (1). The University of Chicago Press: 135–171. JSTOR 26456942.
  57. ^ Kapeliushnikov, Rostislav I. (3 October 2023). "The Russian labor market: Long-term trends and short-term fluctuations". Russian Journal of Economics. 9 (3). Voprosy Ekonomiki: 245–270. doi:10.32609/j.ruje.9.113503.
  58. ^ Mikhailova, Olga; Safarova, Gaiane; Safarova, Anna (2018). "Population ageing and policy responses in the Russian Federation" (PDF). International Journal on Ageing in Developing Countries. 3 (1). International Institute on Aging: 6–26.
  59. ^ "A Russia without Russians? Putin's disastrous demographics". Washington, D.C.: Atlantic Council. 7 August 2024. Retrieved 9 August 2024.
  60. ^ Walsh, Ben (9 March 2022). "The unprecedented American sanctions on Russia, explained". Vox. Archived from the original on 11 April 2022. Retrieved 31 March 2022.
  61. ^ Luzin, Pavel; Prokopenko, Alexandra (11 October 2023). "Russia's 2024 Budget Shows It's Planning for a Long War in Ukraine". Washington, D.C.: Carnegie Endowment for International Peace. Retrieved 3 August 2024. The war against Ukraine and the West is not only the Kremlin's biggest priority; it is now also the main driver of Russia's economic growth.
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