Economy of Russia

Economy - overview
Russia has undergone significant changes since the collapse of the Soviet Union, moving from a globally-isolated, centrally-planned economy to a more market-based and globally-integrated economy. Economic reforms in the 1990s privatized most industry, with notable exceptions in the energy and defense-related sectors. The protection of property rights is still weak and the private sector remains subject to heavy state interference. Russian industry is primarily split between globally-competitive commodity producers. In 2011, Russia became the world's leading oil producer, surpassing Saudi Arabia; Russia is the second-largest producer of natural gas; Russia holds the world's largest natural gas reserves, the second-largest coal reserves, and the eighth-largest crude oil reserves. Russia is the third-largest exporter of both steel and primary aluminum. Other less competitive heavy industries remain dependent on the Russian domestic market. Russia's reliance on commodity exports makes it vulnerable to boom and bust cycles that follow the highly volatile swings in global commodity prices. The government since 2007 has embarked on an ambitious program to reduce this dependency and build up the country's high technology sectors, but with few results so far. The economy had averaged 7% growth in the decade following the 1998 Russian financial crisis, resulting in a doubling of real disposable incomes and the emergence of a middle class. The Russian economy, however, was one of the hardest hit by the 2008-09 global economic crisis as oil prices plummeted and the foreign credits that Russian banks and firms relied on dried up. According to the World Bank the government's anti-crisis package in 2008-09 amounted to roughly 6.7% of GDP. The Central Bank of Russia spent one-third of its $600 billion international reserves, the world's third largest, in late 2008 to slow the devaluation of the ruble. The government also devoted $200 billion in a rescue plan to increase liquidity in the banking sector and aid Russian firms unable to roll over large foreign debts coming due. The economic decline bottomed out in mid-2009 and the economy began to grow in the third quarter of 2009. However, a severe drought and fires in central Russia reduced agricultural output, prompting a ban on grain exports for part of the year, and slowed growth in other sectors such as manufacturing and retail trade. High oil prices buoyed Russian growth in 2011 and helped Russia reduce the budget deficit inherited from the lean years of 2008-09. Russia has reduced unemployment since 2009 and has made progress on reducing inflation since 2010. Russia's long-term challenges include a shrinking workforce, a high level of corruption, difficulty in accessing capital for smaller, non-energy companies, and poor infrastructure in need of large investments.
GDP (purchasing power parity)
$2.414 trillion (2011 est.)
$2.219 trillion (2009 est.)
data are in 2011 US dollars
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GDP (official exchange rate)
$1.85 trillion (2011 est.)
GDP - real growth rate
4.3% (2011 est.)
-7.8% (2009 est.)
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GDP - per capita (PPP)
$17,000 (2011 est.)
$15,600 (2009 est.)
data are in 2011 US dollars
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GDP - composition by sector
agriculture:
4.5%
industry:
36.9%
services:
58.6% (2011 est.)
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Labor force
75.41 million (2011 est.)
rank:
8
Labor force - by occupation
agriculture:
9.8%
industry:
27.5%
services:
62.7% (2010)
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Unemployment rate
6.6% (2011 est.)
7.5% (2010 est.)
Population below poverty line
13.1% (2010)
Household income or consumption by percentage share
lowest 10%:
2.8%
highest 10%:
31.7% (2009 est.)
Distribution of family income - Gini index
42 (2010)
39.9 (2001)
Investment (gross fixed)
21.3% of GDP (2011 est.)
rank:
75
Budget
revenues:
$382.8 billion
expenditures:
$376.2 billion (2011 est.)
Taxes and other revenues
20.7% of GDP (2011 est.)
rank:
157
Budget surplus (+) or deficit (-)
0.4% of GDP (2011 est.)
rank:
41
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Public debt
8.3% of GDP (2011 est.)
9.4% of GDP (2010 est.)
data cover general government debt, and includes debt instruments issued (or owned) by government entities other than the treasury; the data include treasury debt held by foreign entities; the data include debt issued by subnational entities, as well as intra-governmental debt; intra-governmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment. Debt instruments for the social funds are not sold at public auctions.
Inflation rate (consumer prices)
8.4% (2011 est.)
6.9% (2010 est.)
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Central bank discount rate
5.5% (31 December 2010 est.)
8.75% (31 December 2009 est.)
Commercial bank prime lending rate
8.46% (31 December 2011 est.)
10.817% (31 December 2010 est.)
Stock of narrow money
$398.2 billion (31 December 2011 est.)
$268.7 billion (31 December 2010 est.)
Stock of broad money
$895 billion (31 December 2011 est.)
$780.6 billion (31 December 2010 est.)
Stock of domestic credit
$759.6 billion (31 December 2011 est.)
$573.2 billion (31 December 2010 est.)
Market value of publicly traded shares
$796.4 billion (31 December 2011 est.)
$861.4 billion (31 December 2009 est.)
Agriculture - products
grain, sugar beets, sunflower seed, vegetables, fruits; beef, milk
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; defense industries including radar, missile production, and 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
Industrial production growth rate
4.7% (2011 est.)
rank:
73
Electricity - production
925.9 billion kWh (2009 est.)
rank:
4
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Electricity - consumption
857.6 billion kWh (2008 est.)
rank:
5
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Electricity - exports
17.7 billion kWh (2009 est.)
Electricity - imports
14.63 billion kWh (2009 est.)
Oil - production
10.27 million bbl/day (2010)
rank:
2
Oil - consumption
2.199 million bbl/day (2010)
rank:
9
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Oil - exports
5.01 million bbl/day (2010 est.)
rank:
2
Oil - imports
42,750 bbl/day (2009 est.)
rank:
91
Oil - proved reserves
60 billion bbl (1 January 2011 est.)
rank:
8
Natural gas - production
588.9 billion cu m (2010)
rank:
2
Natural gas - consumption
414.1 billion cu m (2010)
rank:
3
Natural gas - exports
199.9 billion cu m (2010 est.)
rank:
1
Natural gas - imports
38.2 billion cu m (2010 est.)
rank:
9
Natural gas - proved reserves
44.8 trillion cu m (1 January 2011 est.)
rank:
1
Current account balance
$101.3 billion (2011 est.)
$71.13 billion (2010 est.)
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Exports
$520.9 billion (2011 est.)
$400.1 billion (2010 est.)
Exports - commodities
petroleum and petroleum products, natural gas, metals, wood and wood products, chemicals, and a wide variety of civilian and military manufactures
Exports - partners
Netherlands 12.3%, China 6.5%, Italy 5.6%, Germany 4.6%, Poland 4.3% (2011)
Imports
$322.5 billion (2011 est.)
$248.7 billion (2010 est.)
Imports - commodities
machinery, vehicles, pharmaceutical products, plastic, semi-finished metal products, meat, fruits and nuts, optical and medical instruments, iron, steel
Imports - partners
China 15.6%, Germany 10%, Ukraine 6.6%, Italy 4.3% (2011)
Reserves of foreign exchange and gold
$498.6 billion (31 December 2011 est.)
$479.4 billion (31 December 2010 est.)
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Debt - external
$519.4 billion (30 September 2011 est.)
$538.6 billion (31 December 2010 est.)
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Stock of direct foreign investment - at home
$542.9 billion (31 December 2011 est.)
$493.4 billion (31 December 2010 est.)
Stock of direct foreign investment - abroad
$409.1 billion (31 December 2011 est.)
$369.1 billion (31 December 2010 est.)
Exchange rates
25.581 (2007)
Fiscal year
calendar year
Data source 1: All Above textual data, maps and flags were extracted from The World Factbook which was prepared by the Central Intelligence Agency and made available on the following link: The World Factbook. Lebanese Economy Forum is not sponsered or affiliated, in any way, by the US Central Intelligence Agency
Data source 2: Plots and Charts are constructed using the world bank public data catalog which can be viewed by visiting the following link: World Bank Data Catalog. Lebanese Economy Forum is not sponsored or affiliated, in any way, by the worldbank

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