Economy of Russia

Economy of Russia
Moscow, the financial center of Russia
CurrencyRussian ruble (RUB, ₽)
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
  • −2.1% (2022)
  • 2.2% (2023)
  • 1.1% (2024)[5]
GDP per capita
  • $13,006 (nominal; 2023)[5]
  • $35,310 (PPP; 2023)[5]
GDP per capita rank
GDP by sector
Negative increase 6.6% (October 2023)[7]
Population below poverty line
  • Positive decrease 12.1% (2020)[8]
  • Positive decrease 4.08% on less than $6.85/day (2020)[9]
Positive decrease 37.5 medium (2018, World Bank)[10]
Labor force
  • Decrease 72,443.66 (2021)[13]
  • 59.4% employment rate (2021)[14]
Labor force by occupation
Unemployment
  • Positive decrease 3.7% (December 2022)[15]
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
ExportsIncrease $492.3 billion (2021)[16]
Export goods
Crude petroleum, refined petroleum, natural gas, coal, wheat, iron (2019)
Main export partners
ImportsIncrease $293.5 billion (2021)[16]
Import goods
Cars and vehicle parts, packaged medicines, broadcasting equipment, aircraft, computers (2019)
Main import partners
FDI stock
  • Increase Inward: $38 billion (2021)[19]
  • Increase Outward: $64 billion (2021)[19]
  • Increase $259.34 billion (2022)[20]
  • 12.15% of GDP (2022)[20]
Negative increase $381.77 billion (December 2022)[21]
Public finances
  • Negative increase 24.175 trillion
  • Negative increase 16.19% of GDP (2022)[20]
3.8% of GDP (2022)[22]
Revenues49.606 ₽ trillion[20]
33.22% of GDP (2022)[20]
Expenses53.038 ₽ trillion[20]
35.52% of GDP (2022)[20]


Increase $592 billion (January 2023)[27] (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.[28] It has enormous natural resources, particularly oil and natural gas.[29] 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.[30] Russia was the last major economy to join the WTO, becoming a member in 2012.[31]

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.[32] It has been widely described as an energy superpower;[33] as it has the world's largest natural gas reserves,[34] 2nd-largest coal reserves,[35] 8th-largest oil reserves,[36] and the largest oil shale reserves in Europe.[37] It is the world's leading natural gas exporter,[38] the 2nd-largest natural gas producer,[39] the 2nd-largest oil exporter[40] and producer[41] and third largest coal exporter.[42] Russia's foreign exchange reserves are the world's 4th-largest.[43] It has a labour force of roughly 70 million people, which is the world's 7th-largest.[44] Russia is the world's 3rd-largest exporter of arms.[45] The oil and gas sector accounted up to roughly 34% of Russia's federal budget revenues,[46] and up to 54% of its exports in 2021.[47][48] Russia has the world's 5th-largest number of billionaires.[49] Russia's inequality of household income and wealth remains comparatively high,[50] with a Gini coefficient of 36 in 2020 as compared to 39.8 in the US in 2021.[51]

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.[52] Russia's economy has been affected by the sanctions but appears relatively resilient to them.[53][54][55][56]

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  3. ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Archived from the original on 28 October 2019. Retrieved 29 September 2019.
  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.
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  16. ^ 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.
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  18. ^ "Import Partners of Russia". The Observatory of Economic Complexity. Archived from the original on 9 April 2023. Retrieved 5 April 2023.
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  28. ^ —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.
  29. ^ 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.
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  34. ^ 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.
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  45. ^ "SIPRI Arms Transfers Database". sipri.org. Archived from the original on 19 December 2018. Retrieved 14 June 2022.
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  48. ^ 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.
  49. ^ "Forbes Billionaires 2021". Forbes. Archived from the original on 4 January 2019. Retrieved 13 April 2021.
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