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Russia Economy 2015
http://www.theodora.com/wfbcurrent/russia/russia_economy.html
SOURCE: 2015 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on June 20, 2014

Economy - overview:
Russia has undergone significant changes since the collapse of the Soviet Union, moving from a globally-isolated, centrally-planned economy towards a more market-based and globally-integrated economy, but stalling as a partially reformed, statist economy with a high concentration of wealth in officials' hands. 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. Russia is one of the world's leading producers of oil and natural gas and is also a top exporter of metals such as steel and primary aluminum. Russia's manufacturing sector is generally uncompetitive on world markets and is geared toward domestic consumption. Russia's reliance on commodity exports makes it vulnerable to boom and bust cycles that follow the volatile swings in global prices. The economy, which had averaged 7% growth during 1998-2008 as oil prices rose rapidly, 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. Slowly declining oil prices over the past few years and difficulty attracting foreign direct investment have contributed to a noticeable slowdown in GDP growth rates. In late 2013, the Russian Economic Development Ministry reduced its growth forecast through 2030 to an average of only 2.5% per year, down from its previous forecast of 4.0 to 4.2%. In 2014, following Russia's military intervention in Ukraine, prospects for economic growth declined further, with expections that GDP growth could drop as low as zero.

GDP (purchasing power parity):
$2.553 trillion (2013 est.)
country comparison to the world: 7

$2.52 trillion (2012 est.)
$2.437 trillion (2011 est.)
note: data are in 2013 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$2.113 trillion (2013 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
1.3% (2013 est.)
country comparison to the world: 165

3.4% (2012 est.)
4.3% (2011 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$18,100 (2013 est.)
country comparison to the world: 77

$17,800 (2012 est.)
$17,100 (2011 est.)
note: data are in 2013 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
28.3% of GDP (2013 est.)
country comparison to the world: 33

29.5% of GDP (2012 est.)
30.6% of GDP (2011 est.)
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 51.3%
government consumption: 18.8%
investment in fixed capital: 22%
investment in inventories: 1.4%
exports of goods and services: 29.6%
imports of goods and services: -23%

(2013 est.)

GDP - composition, by sector of origin:
agriculture: 4.2%
industry: 37.5%
services: 58.3% (2013 est.)

Agriculture - products:
grain, sugar beets, sunflower seeds, 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, 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:
0.1% (2013 est.)
country comparison to the world: 165
[see also: Industrial production growth rate country ranks ]

Labor force:
75.29 million (2013 est.)
country comparison to the world: 8
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 9.7%
industry: 27.8%
services: 62.5% (2012)

Unemployment rate:
5.8% (2013 est.)
country comparison to the world: 55

5.5% (2012 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
11% (2013 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 5.7%
highest 10%: 42.4% (2011 est.)

Distribution of family income - Gini index:
42 (2012)
country comparison to the world: 50

41.7 (2011)
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $439 billion
expenditures: $450.3 billion (2013 est.)

Taxes and other revenues:
20.7% of GDP (2013 est.)
country comparison to the world: 157
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-0.5% of GDP (2013 est.)
country comparison to the world: 57
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
7.9% of GDP (2013 est.)
country comparison to the world: 151

8% of GDP (2012 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
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
6.8% (2013 est.)
country comparison to the world: 184

5.1% (2012 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
8.25% (31 December 2012 est.)
country comparison to the world: 33

8% (31 December 2011)
note: this is the so-called refinancing rate, but in Russia banks do not get refinancing at this rate; this is a reference rate used primarily for fiscal purposes
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
9.3% (31 December 2013 est.)
country comparison to the world: 95

9.1% (31 December 2012 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$452.8 billion (31 December 2012 est.)
country comparison to the world: 13

$399.3 billion (31 December 2011 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$1.061 trillion (31 December 2012 est.)
country comparison to the world: 18

$893.1 billion (31 December 2011 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$947 billion (31 December 2013 est.)
country comparison to the world: 17

$922.6 billion (31 December 2012 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$874.7 billion (31 December 2012 est.)
country comparison to the world: 16

$796.4 billion (31 December 2011)
$1.005 trillion (31 December 2010 est.)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$74.8 billion (2012 est.)
country comparison to the world: 4

$71.43 billion (2012 est.)
[see also: Current account balance country ranks ]

Exports:
$515 billion (2013 est.)
country comparison to the world: 10

$528 billion (2012 est.)
[see also: Exports country ranks ]

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 14.6%, China 6.8%, Germany 6.8%, Italy 6.2%, Turkey 5.2%, Ukraine 5.2%, Belarus 4.7% (2012 est.)

Imports:
$341 billion (2013 est.)
country comparison to the world: 17

$335.7 billion (2012 est.)
[see also: Imports country ranks ]

Imports - commodities:
machinery, vehicles, pharmaceutical products, plastic, semi-finished metal products, meat, fruits and nuts, optical and medical instruments, iron, steel

Imports - partners:
China 16.6%, Germany 12.2%, Ukraine 5.7%, Japan 5%, United States 4.9%, France 4.4%, Italy 4.3% (2012 est.)

Reserves of foreign exchange and gold:
$515.6 billion (01 December 2013 est.)
country comparison to the world: 6

$537.6 billion (31 December 2012 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$714.2 billion (30 September 2013 est.)
country comparison to the world: 22

$636.4 billion (31 December 2012 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$552.8 billion (31 December 2013 est.)
country comparison to the world: 16

$497.8 billion (31 December 2012 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$439.2 billion (31 December 2013 est.)
country comparison to the world: 17

$387.2 billion (31 December 2012 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Russian rubles (RUB) per US dollar -

31.82 (2013 est.)
30.84 (2012 est.)
30.368 (2010 est.)
31.74 (2009)
24.853 (2008)


NOTE: The information regarding Russia on this page is re-published from the 2015 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Russia Economy 2015 information contained here. All suggestions for corrections of any errors about Russia Economy 2015 should be addressed to the CIA.



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