| Economy | Russia |
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Economy - overview:
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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 2009 Russia was the world's largest exporter of natural gas, the second largest exporter of oil, and the third largest exporter of steel and primary aluminum - and other less competitive heavy industries that remain dependent on the Russian domestic market. This reliance on commodity exports makes Russia 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. 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):
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$2.373 trillion (2011 est.)
$2.276 trillion (2010 est.)
$2.188 trillion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
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$16,700 (2011 est.)
$15,900 (2010 est.)
$15,300 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
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$1.885 trillion (2011 est.) |
GDP - real growth rate:
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4.3% (2011 est.)
4% (2010 est.)
-7.8% (2009 est.) |
GDP - composition by sector:
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agriculture: 4.2%
industry: 37%
services: 58.9% (2011 est.) |
Investment (gross fixed):
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21.1% of GDP (2011 est.) |
Population below poverty line:
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13.1% (2010) |
Household income or consumption by percentage share:
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lowest 10%: 2.6%
highest 10%: 33.5% (2008) |
Distribution of family income - Gini index:
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42 (2010)
39.9 (2001) |
Inflation rate (consumer prices):
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8.9% (2011 est.)
6.9% (2010 est.) |
Central bank discount rate:
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5.5% (31 December 2010 est.)
8.75% (31 December 2009 est.) |
Commercial bank prime lending rate:
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9.2% (31 December 2011 est.)
10.817% (31 December 2010 est.) |
Stock of money:
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$252.5 billion (31 December 2008)
$303.7 billion (31 December 2007) |
Stock of money - per capita:
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1,820 USD per capita |
Stock of quasi money:
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$318.4 billion (31 December 2008)
$292.5 billion (31 December 2007) |
Stock of quasi money - per capita:
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2,295 USD per capita |
Stock of domestic credit:
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$759.6 billion (31 December 2011 est.)
$573.2 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
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5,475 USD per capita |
Stock of narrow money:
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$350.3 billion (31 December 2011 est.)
$268.7 billion (31 December 2010 est.) |
Stock of broad money:
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$870.2 billion (31 December 2011 est.)
$780.6 billion (31 December 2010 est.) |
Labor force:
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75.41 million (2011 est.) |
Labor force participation rate:
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54.35 % of population |
Labor force - by occupation:
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agriculture: 9.8%
industry: 27.5%
services: 62.7% (2010) |
Unemployment rate:
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6.8% (2011 est.)
7.5% (2010 est.) |
Unemployment, youth ages 15-24:
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total: 18.3%
male: 17.7%
female: 19.1% (2009) |
Budget:
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revenues: $382.8 billion
expenditures: $376.2 billion (2011 est.) |
Budget revenues per capita:
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2,760 USD per capita |
Taxes and other revenues:
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20.3% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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0.4% of GDP (2011 est.) |
Public debt:
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8.7% of GDP (2011 est.)
7.9% of GDP (2010 est.)
note: 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. |
Industries:
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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:
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5% (2011 est.) |
Electricity - production:
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925.9 billion kWh (2009 est.) |
Electricity - production per capita:
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6,674 kWh per capita |
Electricity - consumption:
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857.6 billion kWh (2008 est.) |
Electricity - consumption - per capita:
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6,182 kWh per capita |
Electricity - exports:
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17.7 billion kWh (2009 est.) |
Electricity - imports:
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14.63 billion kWh (2009 est.) |
Oil - production:
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10.27 million bbl/day (2010) |
Oil - production per capita:
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74,024 bbl/day per capita |
Oil - consumption:
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2.199 million bbl/day (3010) |
Oil - consumption - per capita:
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5.79 bbl/year per capita |
Oil - exports:
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5.01 million bbl/day (2010 est.) |
Oil - imports:
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42,750 bbl/day (2009 est.) |
Oil - proved reserves:
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60 billion bbl (1 January 2011 est.) |
Natural gas - production:
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588.9 billion cu m (2010) |
Natural gas - production per capita:
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4,245 cu m per capita |
Natural gas - consumption:
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414.1 billion cu m (2010) |
Natural gas - consumption - per capita:
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2,985 cu m per capita |
Natural gas - exports:
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199.9 billion cu m (2010 est.) |
Natural gas - imports:
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38.2 billion cu m (2010 est.) |
Natural gas - proved reserves:
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44.8 trillion cu m (1 January 2011 est.) |
Agriculture - products:
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grain, sugar beets, sunflower seed, vegetables, fruits; beef, milk |
Current account balance:
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$90.51 billion (2011 est.)
$70.25 billion (2010) |
Current account balance - per capita:
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653 USD per capita |
Exports:
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$498.6 billion (2011 est.)
$400.4 billion (2010 est.) |
Exports per capita:
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3,594 USD per capita |
Exports - commodities:
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petroleum and petroleum products, natural gas, metals, wood and wood products, chemicals, and a wide variety of civilian and military manufactures |
Exports - partners:
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Germany 8.2%, Netherlands 6%, US 5.6%, China 5.4%, Turkey 4.6% (2010) |
Imports:
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$310.1 billion (2011 est.)
$248.7 billion (2010 est.) |
Imports per capita:
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2,236 USD per capita |
Imports - commodities:
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machinery, vehicles, pharmaceutical products, plastic, semi-finished metal products, meat, fruits and nuts, optical and medical instruments, iron, steel |
Imports - partners:
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Germany 14.7%, China 13.5%, Ukraine 5.5%, Italy 4.7%, Belarus 4.5% (2010) |
Reserves of foreign exchange and gold:
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$513 billion (31 December 2011 est.)
$479.4 billion (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
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3,698 USD per capita |
Debt - external:
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$519.4 billion (30 September 2011 est.)
$538.6 billion (31 December 2010 est.) |
Debt - external - per capita:
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3,744 USD per capita |
Stock of direct foreign investment - at home:
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$343.4 billion (31 December 2011 est.)
$297.4 billion (31 December 2010 est.) |
Stock of direct foreign investment - at home - per capita:
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2,476 USD per capita |
Stock of direct foreign investment - abroad:
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$314.6 billion (31 December 2011 est.)
$274.6 billion (31 December 2010 est.) |
Stock of direct foreign investment - abroad - per capita:
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2,268 USD per capita |
Market value of publicly traded shares:
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$1.005 trillion (31 December 2010 est.)
$861.4 billion (31 December 2009)
$397.2 billion (31 December 2008 est.) |
Market value of publicly traded shares - per capita:
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7,244 USD per capita |
Currency (code):
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Russian ruble (RUB) |
Exchange rates:
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Russian rubles (RUB) per US dollar -
28.35 (2011 est.)
30.38 (2010 est.)
31.74 (2009)
24.853 (2008)
25.581 (2007) |
Fiscal year:
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calendar year |
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