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Russia Economy 2018

SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES











Russia Economy 2018
SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 28, 2018

Economy - overview:
Russia has undergone significant changes since the collapse of the Soviet Union, moving from a centrally planned economy towards a more market-based system. Both economic growth and reform have stalled in recent years, however, and Russia remains a predominantly 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, transportation, banking, and defense-related sectors. The protection of property rights is still weak, and the state continues to interfere in the free operation of the private sector.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 is heavily dependent on the movement of world commodity prices as 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 the 1998-2008 period as oil prices rose rapidly, has seen diminishing growth rates since then due to the exhaustion of Russia’s commodity-based growth model.A combination of falling oil prices, international sanctions, and structural limitations pushed Russia into a deep recession in 2015, with GDP falling by close by 2.8%. The downturn continued through 2016, with GDP contracting another 0.2%, but was reversed in 2017 as world demand picked up. Government support for import substitution has increased recently in an effort to diversify the economy away from extractive industries.

GDP (purchasing power parity):
$4 trillion (2017 est.) $3.93 trillion (2016 est.) $3.938 trillion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 7

GDP (official exchange rate):
$1.469 trillion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
1.8% (2017 est.) -0.2% (2016 est.) -2.8% (2015 est.)
country comparison to the world: 161
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$27,900 (2017 est.) $27,400 (2016 est.) $27,500 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 71

Gross national saving:
26.6% of GDP (2017 est.) 27.3% of GDP (2016 est.) 27.2% of GDP (2015 est.)
country comparison to the world: 42
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 52.4%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 17.8%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 21.1%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 2.5%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 25.6%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -19.4% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 4.7%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 32.4%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 62.3% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

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:
1.1% (2017 est.)
country comparison to the world: 160
[see also: Industrial production growth rate country ranks ]

Labor force:
76.53 million (2017 est.)
country comparison to the world: 7
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 9.4%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 27.6%
[see also: Labor force - by occupation - industry country ranks ]
services: 63% (2016 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
5.5% (2017 est.) 5.5% (2016 est.)
country comparison to the world: 76
[see also: Unemployment rate country ranks ]

Population below poverty line:
13.3% (2015 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2.3%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 32.2% (2012 est.)

Distribution of family income - Gini index:
41.2 (2015) 41.9 (2013)
country comparison to the world: 54
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $253.9 billion
[see also: Budget - revenues country ranks ]
expenditures: $287.5 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
17.3% of GDP (2017 est.)
country comparison to the world: 175
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-2.3% of GDP (2017 est.)
country comparison to the world: 95
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
11.8% of GDP (2017 est.) 10% of GDP (2016 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
country comparison to the world: 196
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
4.2% (2017 est.) 7% (2016 est.)
country comparison to the world: 161
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
10% (31 December 2016 est.) 11% (03 August 2015)
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
country comparison to the world: 21
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
10.3% (31 December 2017 est.) 12.59% (31 December 2016 est.)
country comparison to the world: 80
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$204.9 billion (31 December 2017 est.) $195.9 billion (31 December 2016 est.)
country comparison to the world: 25
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$688.4 billion (31 December 2017 est.) $633.4 billion (31 December 2016 est.)
country comparison to the world: 20
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$825.8 billion (31 December 2017 est.) $770.1 billion (31 December 2016 est.)
country comparison to the world: 19
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$635.9 billion (31 December 2016 est.) $393.2 billion (31 December 2015 est.) $385.9 billion (31 December 2014 est.)
country comparison to the world: 19
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$41.46 billion (2017 est.) $25.54 billion (2016 est.)
country comparison to the world: 12
[see also: Current account balance country ranks ]

Exports:
$336.8 billion (2017 est.) $281.9 billion (2016 est.)
country comparison to the world: 17
[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 10.5%, China 10.3%, Germany 7.8%, Turkey 5%, Italy 4.4%, Belarus 4.3% (2016)

Imports:
$212.7 billion (2017 est.) $191.6 billion (2016 est.)
country comparison to the world: 23
[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 21.6%, Germany 11%, US 6.3%, France 4.8%, Italy 4.4%, Belarus 4.3% (2016)

Reserves of foreign exchange and gold:
$418.5 billion (31 December 2017 est.) $377.7 billion (31 December 2016 est.)
country comparison to the world: 7
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$451.5 billion (31 December 2017 est.) $434.8 billion (31 December 2016 est.)
country comparison to the world: 28
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$479.7 billion (31 December 2017 est.) $461.7 billion (31 December 2016 est.)
country comparison to the world: 19
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$443 billion (31 December 2017 est.) $418 billion (31 December 2016 est.)
country comparison to the world: 19
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Russian rubles (RUB) per US dollar - 58.39 (2017 est.) 67.056 (2016 est.) 67.056 (2015 est.) 60.938 (2014 est.) 38.378 (2013 est.)


NOTE: 1) The information regarding Russia on this page is re-published from the 2018 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Russia Economy 2018 information contained here. All suggestions for corrections of any errors about Russia Economy 2018 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) The assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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