Russia

Local time: :
Economics

Economy - overview

The Russian Federation 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 the Russian Federation 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 the Russian Federation 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 since the 1998 Russian financial crisis, resulting in a doubling of real disposable incomes and the emergence of a middle class. The Russian Federation 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 first quarter of 2010. 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 the first quarter of 2011 and could help Russia reduce the budget deficit inherited from the lean years of 2008-09, but inflation and increased government expenditures may limit the positive impact of these revenues. 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):

 

$2.223 trillion (2010 est.)

country comparison to the world: 7

$2.138 trillion (2009 est.)

$2.319 trillion (2008 est.)

note: data are in 2010 US dollars

 

GDP (official exchange rate):

$1.465 trillion (2010 est.)

 

GDP - real growth rate:

 

4% (2010 est.)

country comparison to the world: 99

-7.8% (2009 est.)

5.2% (2008 est.)

 

GDP - per capita (PPP):

 

$15,900 (2010 est.)

country comparison to the world: 71

$15,300 (2009 est.)

$16,500 (2008 est.)

note: data are in 2010 US dollars

 

GDP - composition by sector:

 

agriculture: 4%

industry: 36.8%

services: 59.1% (2010 est.)

 

Labor force:

 

75.49 million (2010 est.)

country comparison to the world: 7

 

Labor force - by occupation:

agriculture: 10%

industry: 31.9%

services: 58.1% (2008)

 

Unemployment rate:

 

7.5% (2010 est.)

country comparison to the world: 78

8.4% (2009 est.)

Population below poverty line:

 

13.1% (2009)

 

Household income or consumption by percentage share:

lowest 10%: 2.6%

highest 10%: 33.5% (2008)

 

Distribution of family income - Gini index:

 

42.2 (2009)

country comparison to the world: 52

39.9 (2001)

 

Investment (gross fixed):

 

21.9% of GDP (2010 est.)

country comparison to the world: 91

 

Budget:

 

revenues: $273.4 billion

expenditures: $333 billion (2010 est.)

 

Taxes and other revenues:

 

18.7% of GDP (2010 est.)

country comparison to the world: 164

 

Budget surplus (+) or deficit (-):

 

-4.1% of GDP (2010 est.)

country comparison to the world: 123

 

Public debt:

 

9% of GDP (2010 est.)

country comparison to the world: 123

8.3% of GDP (2009 est.)

 

Inflation rate (consumer prices):

 

6.9% (2010 est.)

country comparison to the world: 174

11.7% (2009 est.)

 

Central bank discount rate:

 

5.5% (31 December 2010 est.)

country comparison to the world: 39

8.75% (31 December 2009 est.)

 

Commercial bank prime lending rate:

 

10.817% (31 December 2010 est.)

country comparison to the world: 47

15.308% (31 December 2009 est.)

 

Stock of narrow money:

 

$268.7 billion (31 December 2010 est.)

country comparison to the world: 16

$213.8 billion (31 December 2009 est.)

 

Stock of broad money:

 

$780.6 billion (31 December 2010 est.)

country comparison to the world: 19

$631.5 billion (31 December 2009 est.)

 

Stock of domestic credit:

 

$573.2 billion (31 December 2010 est.)

country comparison to the world: 24

$437.8 billion (31 December 2009 est.)

 

Market value of publicly traded shares:

 

$1.005 trillion (31 December 2010 est.)

country comparison to the world: 15

$861.4 billion (31 December 2009)

$397.2 billion (31 December 2008 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:

 

8.2% (2010 est.)

country comparison to the world: 39

 

Electricity - production:

 

925.9 billion kWh (2009 est.)

country comparison to the world: 5

 

Electricity - consumption:

 

857.6 billion kWh (2008 est.)

country comparison to the world: 5

 

Electricity - exports:

 

17.7 billion kWh (2009 est.)

 

Electricity - imports:

 

14.63 billion kWh (2009 est.)

 

Oil - production:

 

10.13 million bbl/day (2010 est.)

country comparison to the world: 2

 

Oil - consumption:

 

2.937 million bbl/day (2010 est.)

country comparison to the world: 6

 

Oil - exports:

 

7.301 million bbl/day (2009 est.)

country comparison to the world: 2

 

Oil - imports:

 

42,750 bbl/day (2009 est.)

country comparison to the world: 93

 

Oil - proved reserves:

 

60 billion bbl (1 January 2011 est.)

country comparison to the world: 8

 

Natural gas - production:

 

610.1 billion cu m (2010 est.)

country comparison to the world: 2

 

Natural gas - consumption:

 

424.9 billion cu m (2010 est.)

country comparison to the world: 3

 

Natural gas - exports:

 

223.4 billion cu m (2010 est.)

country comparison to the world: 1

 

Natural gas - imports:

 

38.2 billion cu m (2010 est.)

country comparison to the world: 8

 

Natural gas - proved reserves:

 

47.57 trillion cu m (1 January 2011 est.)

country comparison to the world: 1

 

Current account balance:

 

$71.13 billion (2010 est.)

country comparison to the world: 4

$49.37 billion (2009 est.)

 

Exports:

 

$400.1 billion (2010 est.)

country comparison to the world: 11

$303.4 billion (2009 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:

 

Germany 8.2%, Netherlands 6%, US 5.6%, China 5.4%, Turkey 4.6% (2010)

 

Imports:

 

$248.7 billion (2010 est.)

country comparison to the world: 18

$191.8 billion (2009 est.)

 

Imports - commodities:

 

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

 

Imports - partners:

 

Germany 14.7%, China 13.5%, Ukraine 5.5%, Italy 4.7%, Belarus 4.5% (2010)

 

Reserves of foreign exchange and gold:

 

$479.4 billion (31 December 2010 est.)

country comparison to the world: 3

$439.4 billion (31 December 2009 est.)

 

Debt - external:

 

$538.6 billion (30 June 2011 est.)

country comparison to the world: 22

$393.5 billion (31 December 2010 est.)

 

Stock of direct foreign investment - at home:

 

$297.4 billion (31 December 2010 est.)

country comparison to the world: 18

$256.2 billion (31 December 2009 est.)

 

Stock of direct foreign investment - abroad:

 

$274.6 billion (31 December 2010 est.)

country comparison to the world: 17

$222.9 billion (31 December 2009 est.)

 

Exchange rates:

 

Russian rubles (RUB) per US dollar -

30 (2010)

31.74 (2009)

24.853 (2008)

25.581 (2007)

27.191 (2006)

______________________________________________________________________
Source: http://www.indexmundi.com