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Russia Economy 2014
http://www.theodora.com/wfbcurrent/russia/russia_economy.html
SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on January 31, 2014

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. 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 also a top exporter of metals such as steel and primary aluminum. Russia's reliance on commodity exports makes it vulnerable to boom and bust cycles that follow the volatile swings in global 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 visible 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 economic decline bottomed out in mid-2009 and the economy began to grow again in the third quarter of 2009. High oil prices buoyed Russian growth in 2011-12 and helped Russia reduce the budget deficit inherited from 2008-09. Russia has reduced unemployment to a record low and has lowered inflation below double digit rates. Russia joined the World Trade Organization in 2012, which will reduce trade barriers in Russia for foreign goods and services and help open foreign markets to Russian goods and services. At the same time, Russia has sought to cement economic ties with countries in the former Soviet space through a Customs Union with Belarus and Kazakhstan, and, in the next several years, through the creation of a new Russia-led economic bloc called the Eurasian Economic Union. Russia has had difficulty attracting foreign direct investment and has experienced large capital outflows in the past several years, leading to official programs to improve Russia's international rankings for its investment climate. Russia's adoption of a new oil-price-based fiscal rule in 2012 and a more flexible exchange rate policy have improved its ability to deal with external shocks, including volatile oil prices. Russia's long-term challenges also include a shrinking workforce, rampant corruption, and underinvestment in infrastructure.

GDP (purchasing power parity):
$2.486 trillion (2012 est.)
country comparison to the world: 7

$2.404 trillion (2011 est.)
$2.305 trillion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$2.002 trillion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
3.4% (2012 est.)
country comparison to the world: 100

4.3% (2011 est.)
4.5% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$17,500 (2012 est.)
country comparison to the world: 78

$16,900 (2011 est.)
$16,100 (2010 est.)
note: data are in 2012 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
29.5% of GDP (2012 est.)
country comparison to the world: 26

30.6% of GDP (2011 est.)
27% of GDP (2010 est.)

GDP - composition, by end use:
household consumption: 49.2%
government consumption: 18.6%
investment in fixed capital: 22%
investment in inventories: 2.6%
exports of goods and services: 29.7%
imports of goods and services: -22.1%

(2012 est.)
[see also: country ranks ]

GDP - composition, by sector of origin:
agriculture: 4.2%
industry: 37.5%
services: 58.4% (2012 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:
3.1% (2012 est.)
country comparison to the world: 86
[see also: Industrial production growth rate country ranks ]

Labor force:
75.68 million (2012 est.)
country comparison to the world: 8
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 7.9%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 27.4%
services: 64.7% (2011)

Unemployment rate:
5.5% (2012 est.)
country comparison to the world: 53

6.6% (2011 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
12.7% (2011)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 5.7%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 42.4% (2011 est.)

Distribution of family income - Gini index:
41.7 (2011)
country comparison to the world: 52

39.9 (2001)
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $416.8 billion
[see also: Budget revenues country ranks ]
expenditures: $418 billion (2012 est.)

Taxes and other revenues:
20.8% of GDP (2012 est.)
country comparison to the world: 161
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-0.1% of GDP (2012 est.)
country comparison to the world: 50
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
7.7% of GDP (2012 est.)
country comparison to the world: 146

8.1% of GDP (2011 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):
5.1% (2012 est.)
country comparison to the world: 147

8.4% (2011 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
8.25% (31 December 2012 est.)
country comparison to the world: 32

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:
9.1% (31 December 2012 est.)
country comparison to the world: 111

8.45% (31 December 2011 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: 12

$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: 19

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

Stock of domestic credit:
$922.6 billion (31 December 2012 est.)
country comparison to the world: 17

$702.2 billion (31 December 2011 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$845.4 billion (31 December 2012 est.)
country comparison to the world: 17

$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:
$71.43 billion (2012 est.)
country comparison to the world: 7

$97.27 billion (2011 est.)
[see also: Current account balance country ranks ]

Exports:
$528 billion (2012 est.)
country comparison to the world: 9

$515.4 billion (2011 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 14.4%, China 6.4%, Italy 5.3%, Germany 4.5% (2012)

Imports:
$335.7 billion (2012 est.)
country comparison to the world: 16

$318.6 billion (2011 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 15.5%, Germany 9.5%, Ukraine 5.5% (2012)

Reserves of foreign exchange and gold:
$537.6 billion (31 December 2012 est.)
country comparison to the world: 5

$498.6 billion (31 December 2011 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$631.8 billion (31 December 2012 est.)
country comparison to the world: 21

$543 billion (31 December 2011 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$497.8 billion (31 December 2012 est.)
country comparison to the world: 17

$454.9 billion (31 December 2011 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$387.2 billion (31 December 2012 est.)
country comparison to the world: 18

$361.5 billion (31 December 2011 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

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

30.84 (2012 est.)
29.382 (2011 est.)
30.368 (2010 est.)
31.74 (2009)
24.853 (2008)


NOTE: The information regarding Russia on this page is re-published from the 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Russia Economy 2014 information contained here. All suggestions for corrections of any errors about Russia Economy 2014 should be addressed to the CIA.



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