Russia Economy

Is Russia a wealthy country?

The Russian economy is one of the world's largest and most resource-rich economies, with a diverse industrial base that includes energy, manufacturing, agriculture, and technology sectors. Its primary industries include oil, natural gas, metals, and minerals, which contribute significantly to export revenues. However, the economy is heavily reliant on the energy sector, particularly oil and gas exports, making it vulnerable to fluctuations in global commodity prices.

In recent years, Russia has faced economic challenges, including international sanctions, geopolitical tensions, and structural inefficiencies. These factors, coupled with low oil prices and weak domestic demand, have hindered economic growth. The Russian government has implemented various policies to diversify the economy, boost innovation, and attract foreign investment. Additionally, efforts have been made to reduce dependence on imports and promote import substitution to strengthen domestic industries.

Despite these challenges, Russia remains a major player in the global economy, with a skilled workforce, advanced technological capabilities, and vast natural resources. Moving forward, the Russian government aims to modernize infrastructure, improve the business climate, and foster innovation to ensure sustainable economic growth and stability.

Russia Economy Data

What is the GDP of Russia?

Currency Name and Code Russian Ruble (RUR or RUB)
GDP - Gross Domestic Product (PPP) $3,875,690,000,000 (USD)
GDP - official exchange rate $1,236,000,000,000 (USD)
GDP - real growth rate -3.9%
GDP Per Capita $23,700.00 (USD)
GDP by Sector- agriculture 4.4%
GDP by Sector- Industry 35.8%
GDP by Sector- services 59.7%
GDP - composition, by end use household consumption: 53.2%

government consumption: 20.2%

investment in fixed capital: 19.1%

investment in inventories: -3.3%

exports of goods and services: 32.2%

imports of goods and services: -21.4%
Population Below Poverty Line 12.7%
Inflation Rate 5.1%
Labor Force 75,600,000
Labor Force By Occupation- agriculture 9.7%
Labor Force By Occupation- industry 27.8%
Labor Force By Occupation- services 62.5%
Unemployment Rate 5.7%
Fiscal Year calendar year
Annual Budget $423,400,000,000 (USD)
Budget Surplus or Deficit - percent of GDP -0.5%
Public Debt (% of GDP) 12.2%
Taxes and other revenues - percent of GDP 20.7%
Major 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 Growth Rate 2.6%
Agriculture Products grain, sugar beets, sunflower seed, vegetables, fruits; beef, milk
Exchange Rate per US Dollar Russian ruble (RUB)
Commercial Bank Prime Lending Rate 9.3%

Labor Force by Occupation- As reported by Russia

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