unbekannter Gast

Russia: Economy#

Russia has undergone significant changes since the collapse of the Soviet Union, moving from a globally-isolated, centrally-planned economy towards a more market-based and globally-integrated economy, but stalling as a partially reformed, 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 and defense-related sectors. The protection of property rights is still weak and the private sector remains subject to heavy state interference. 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's manufacturing sector is generally uncompetitive on world markets and is geared toward domestic consumption. Russia's 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 1998-2008 as oil prices rose rapidly, 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. Slowly declining oil prices over the past few years and difficulty attracting foreign direct investment have contributed to a noticeable slowdown in GDP growth rates. In late 2013, the Russian Economic Development Ministry reduced its growth forecast through 2030 to an average of only 2.5% per year, down from its previous forecast of 4.0 to 4.2%. In 2014, following Russia's military intervention in Ukraine, prospects for economic growth declined further, with expections that GDP growth could drop as low as zero.

Economic Facts#

GDP (purchasing power parity)$2.553 trillion (2013 est.)
$2.52 trillion (2012 est.)
$2.437 trillion (2011 est.)
note: data are in 2013 US dollars
GDP - real growth rate1.3% (2013 est.)
3.4% (2012 est.)
4.3% (2011 est.)
GDP - per capita (PPP)$18,100 (2013 est.)
$17,800 (2012 est.)
$17,100 (2011 est.)
note: data are in 2013 US dollars
GDP - composition, by sector of originagriculture: 4.2%
industry: 37.5%
services: 58.3% (2013 est.)
Population below poverty line11% (2013 est.)
Household income or consumption by percentage sharelowest 10%: 5.7%
highest 10%: 42.4% (2011 est.)
Labor force - by occupationagriculture: 9.7%
industry: 27.8%
services: 62.5% (2012)
Exports - commoditiespetroleum and petroleum products, natural gas, metals, wood and wood products, chemicals, and a wide variety of civilian and military manufactures
Exports - partnersNetherlands 14.6%, China 6.8%, Germany 6.8%, Italy 6.2%, Turkey 5.2%, Ukraine 5.2%, Belarus 4.7% (2012 est.)
Agriculture - productsgrain, sugar beets, sunflower seeds, vegetables, fruits; beef, milk
Budgetrevenues: $439 billion
expenditures: $450.3 billion (2013 est.)
Imports - commoditiesmachinery, vehicles, pharmaceutical products, plastic, semi-finished metal products, meat, fruits and nuts, optical and medical instruments, iron, steel
Imports - partnersChina 16.6%, Germany 12.2%, Ukraine 5.7%, Japan 5%, United States 4.9%, France 4.4%, Italy 4.3% (2012 est.)
Exchange ratesRussian rubles (RUB) per US dollar -
31.82 (2013 est.)
30.84 (2012 est.)
30.368 (2010 est.)
31.74 (2009)
24.853 (2008)
Exports$515 billion (2013 est.)
$528 billion (2012 est.)
Debt - external$714.2 billion (30 September 2013 est.)
$636.4 billion (31 December 2012 est.)
Fiscal yearcalendar year
Imports$341 billion (2013 est.)
$335.7 billion (2012 est.)
Industrial production growth rate0.1% (2013 est.)
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
Inflation rate (consumer prices)6.8% (2013 est.)
5.1% (2012 est.)
Labor force75.29 million (2013 est.)
Unemployment rate5.8% (2013 est.)
5.5% (2012 est.)
Distribution of family income - Gini index42 (2012)
41.7 (2011)
Public debt7.9% of GDP (2013 est.)
8% of GDP (2012 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
Current account balance$74.8 billion (2012 est.)
$71.43 billion (2012 est.)
Reserves of foreign exchange and gold$515.6 billion (01 December 2013 est.)
$537.6 billion (31 December 2012 est.)
GDP (official exchange rate)$2.113 trillion (2013 est.)
Stock of direct foreign investment - at home$552.8 billion (31 December 2013 est.)
$497.8 billion (31 December 2012 est.)
Stock of direct foreign investment - abroad$439.2 billion (31 December 2013 est.)
$387.2 billion (31 December 2012 est.)
Market value of publicly traded shares$874.7 billion (31 December 2012 est.)
$796.4 billion (31 December 2011)
$1.005 trillion (31 December 2010 est.)
Central bank discount rate8.25% (31 December 2012 est.)
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
Commercial bank prime lending rate9.3% (31 December 2013 est.)
9.1% (31 December 2012 est.)
Stock of domestic credit$947 billion (31 December 2013 est.)
$922.6 billion (31 December 2012 est.)
Stock of narrow money$452.8 billion (31 December 2012 est.)
$399.3 billion (31 December 2011 est.)
Stock of broad money$1.061 trillion (31 December 2012 est.)
$893.1 billion (31 December 2011 est.)
Taxes and other revenues20.7% of GDP (2013 est.)
Budget surplus (+) or deficit (-)-0.5% of GDP (2013 est.)
GDP - composition, by end usehousehold consumption: 51.3%
government consumption: 18.8%
investment in fixed capital: 22%
investment in inventories: 1.4%
exports of goods and services: 29.6%
imports of goods and services: -23%
(2013 est.)
Gross national saving28.3% of GDP (2013 est.)
29.5% of GDP (2012 est.)
30.6% of GDP (2011 est.)