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Russia Economy Profile 2018

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Economy - overviewRussia 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
GDP (official exchange rate)$1.469 trillion (2016 est.)
GDP - real growth rate1.8% (2017 est.)
-0.2% (2016 est.)
-2.8% (2015 est.)
GDP - per capita (PPP)$27,900 (2017 est.)
$27,400 (2016 est.)
$27,500 (2015 est.)
note: data are in 2017 dollars
Gross national saving26.6% of GDP (2017 est.)
27.3% of GDP (2016 est.)
27.2% of GDP (2015 est.)
GDP - composition, by end usehousehold consumption: 52.4%
government consumption: 17.8%
investment in fixed capital: 21.1%
investment in inventories: 2.5%
exports of goods and services: 25.6%
imports of goods and services: -19.4% (2017 est.)
GDP - composition by sectoragriculture: 4.7%
industry: 32.4%
services: 62.3% (2017 est.)
Population below poverty line13.3% (2015 est.)
Labor force76.53 million (2017 est.)
Labor force - by occupationagriculture: 9.4%
industry: 27.6%
services: 63% (2016 est.)
Unemployment rate5.5% (2017 est.)
5.5% (2016 est.)
Unemployment, youth ages 15-24total: 16%
male: 15.3%
female: 16.9% (2015 est.)
Household income or consumption by percentage sharelowest 10%: 2.3%
highest 10%: 32.2% (2012 est.)
Distribution of family income - Gini index41.2 (2015)
41.9 (2013)
Budgetrevenues: $253.9 billion
expenditures: $287.5 billion (2017 est.)
Taxes and other revenues17.3% of GDP (2017 est.)
Budget surplus (+) or deficit (-)-2.3% of GDP (2017 est.)
Public debt11.8% 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
Inflation rate (consumer prices)4.2% (2017 est.)
7% (2016 est.)
Central bank discount rate10% (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
Commercial bank prime lending rate10.3% (31 December 2017 est.)
12.59% (31 December 2016 est.)
Stock of narrow money$204.9 billion (31 December 2017 est.)
$195.9 billion (31 December 2016 est.)
Stock of broad money$688.4 billion (31 December 2017 est.)
$633.4 billion (31 December 2016 est.)
Stock of domestic credit$825.8 billion (31 December 2017 est.)
$770.1 billion (31 December 2016 est.)
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.)
Agriculture - productsgrain, sugar beets, sunflower seeds, vegetables, fruits; beef, milk
Industriescomplete 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 rate1.1% (2017 est.)
Current Account Balance$41.46 billion (2017 est.)
$25.54 billion (2016 est.)
Exports$336.8 billion (2017 est.)
$281.9 billion (2016 est.)
Exports - commoditiespetroleum and petroleum products, natural gas, metals, wood and wood products, chemicals, and a wide variety of civilian and military manufactures
Exports - partnersNetherlands 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.)
Imports - commoditiesmachinery, vehicles, pharmaceutical products, plastic, semi-finished metal products, meat, fruits and nuts, optical and medical instruments, iron, steel
Imports - partnersChina 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.)
Debt - external$451.5 billion (31 December 2017 est.)
$434.8 billion (31 December 2016 est.)
Stock of direct foreign investment - at home$479.7 billion (31 December 2017 est.)
$461.7 billion (31 December 2016 est.)
Stock of direct foreign investment - abroad$443 billion (31 December 2017 est.)
$418 billion (31 December 2016 est.)
Exchange ratesRussian 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.)
Fiscal yearcalendar year

Source: CIA World Factbook
This page was last updated on January 20, 2018

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