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Economy of Russia

April 29, 2023

The economy of Russia has gradually transformed from a planned economy into a mixed market-oriented economy.[30] It has enormous natural resources, particularly oil and natural gas.[31] It is the world's eleventh-largest economy by nominal GDP, and the sixth-largest by purchasing power parity (PPP).[6] Due to a volatile currency exchange rate, Russia's GDP as measured in dollars fluctuates sharply.[32] Russia's membership to the WTO was accepted in 2011.

Economy of Russia
CurrencyRussian ruble (RUB, ₽)
calendar year[1]
Trade organizations
WTO, BRICS, EAEU, CIS, GECF, APEC, G-20 and others
Country group
According to United Nations's Human Development Index rank - Developed country/Very High Human Development[4]
Statistics
Population 147,182,123 (Late 2021 census)[5]
GDP
GDP rank
GDP growth
  • -2.1% (2022)[7]
  • 0.7% (2023f)[7]
  • 1.3% (2024f)[7]
GDP per capita
  • $14,404 (nominal; 2023 est.)[6]
  • $34,837 (PPP; 2023 est.)[6]
GDP per capita rank
GDP by sector
11.77% (Jan 2023)[9]
Population below poverty line
  • 12.1% (2020)[10]
  • 4.08% on less than $6.85/day (2020)[11]
37.5 medium (2018, World Bank)[12]
Labor force
  • 72,443.66 (2021)[15]
  • 59.4% employment rate (2021)[16]
Labor force by occupation
Unemployment
  • 3.7% (December 2022)[17]
Average gross salary
RUB 63,874 / €1,006 monthly (2022-Q2)
RUB 55,570 / €876 monthly (2022-Q2)
Main 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; defence 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
External
Exports $492.3 billion (2021)[18]
Export goods
crude petroleum, refined petroleum, natural gas, coal, wheat, iron (2019)
Main export partners
Imports $293.5 billion (2021)[18]
Import goods
cars and vehicle parts, packaged medicines, broadcasting equipment, aircraft, computers (2019)
Main import partners
FDI stock
  • Inward: $38 billion (2021)[21]
  • Outward: $64 billion (2021)[21]
  • $259.34 billion (2022)[22]
  • 12.15% of GDP (2022)[22]
$381.77 billion (December 2022)[23]
Public finances
  • 24.175 ₽ trillion
  • 16.19% of GDP (2022)[22]
3.8% of GDP (2022)[24]
Revenues49.606 ₽ trillion[22]
33.22% of GDP (2022)[22]
Expenses53.038 ₽ trillion[22]
35.52% of GDP (2022)[22]
$592 billion (January 2023)[29] (4th)
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.

Russia's vast geography is an important determinant of its economic activity, with the country holding a large share of the world's natural resources.[33] It has been widely described as an energy superpower;[34] as it has the world's largest natural gas reserves,[35] the second-largest coal reserves,[36] the eighth-largest oil reserves,[37] and the largest oil shale reserves in Europe.[38] It is the world's leading natural gas exporter,[39] the second-largest natural gas producer,[40] and the second-largest oil exporter,[41] and producer.[42] Russia's foreign exchange reserves are the world's fourth-largest.[43] It has a labour force of roughly 70 million people, which is the world's sixth-largest.[44] Russia is the world's second-largest exporter of arms.[45] Russia also has the world's fifth-largest number of billionaires.[46]

The oil and gas sector accounted up to roughly 40% of Russia's federal budget revenues, and up to 60% of its exports in 2019.[47] In 2019, the Natural Resources and Environment Ministry estimated the value of natural resources to 60% of the country's GDP.[48] Russia has one of the lowest external debts among major economies,[49] although its inequality of household income and wealth remains comparatively high.[50] Following the 2022 Russian invasion of Ukraine, the country has faced several sanctions and boycotts from the Western world and its allies, a move described as an "all-out economic and financial war" to isolate the Russian economy from the Western financial system.[51] In spite of economic sanctions, Russia's economy remains quite resilient.[52][53][54][55]

History

Main articles: Economic history of the Russian Federation and Economy of the Soviet Union

The Russian economy is volatile. Since 1989 its institutional environment was transformed from a socialist command economy to a capitalistic market system. Its industrial structure dramatically shifted away from heavy investment in manufacturing and agriculture toward market services, oil, gas, and mining. Richard Connolly argues that for the last four centuries, there are four main characteristics of the Russian economy that have shaped the system and persisted despite the political upheavals. First of all the weakness of the legal system means that impartial courts do not rule and contracts are problematic. Second is the underdevelopment of modern economic activities, with very basic peasant agriculture dominant into the 1930s. Third is technological underdevelopment, eased somewhat by borrowing from the West in the 1920s. And fourth lower living standards compared to Western Europe and North America.[56]

Russian Empire

Further information: Economy of the Russian Empire after the abolition of serfdom

Soviet Union

Main article: Economy of the Soviet Union

Beginning in 1928, the course of the Soviet Union's economy was guided by a series of five-year plans. By the 1950s, the Soviet Union had rapidly evolved from a mainly agrarian society into a major industrial power.[57] By the 1970s the Soviet Union was in an Era of Stagnation. The complex demands of the modern economy and inflexible administration overwhelmed and constrained the central planners. The volume of decisions facing planners in Moscow became overwhelming. The cumbersome procedures for bureaucratic administration foreclosed the free communication and flexible response required at the enterprise level for dealing with worker alienation, innovation, customers, and suppliers.

 
Workers of Moscow Likhachev Automotive Plant, 1963

From 1975 to 1985, corruption and data fiddling became common practice among bureaucracy to report satisfied targets and quotas thus entrenching the crisis. Starting in 1986, Mikhail Gorbachev attempted to address economic problems by moving towards a market-oriented socialist economy. Gorbachev's policies of Perestroika failed to rejuvenate the Soviet economy; instead, a process of political and economic disintegration culminated in the breakup of the Soviet Union in 1991.

Transition to market economy (1991–98)

 
Russian inflation rate 1993-2022
 
Main Directorate of the Bank of Russia for the Central Federal District
 
Russia's GDP by purchasing power parity (PPP) in 1991–2019 (in international dollars)

Following the collapse of the Soviet Union, Russia underwent a radical transformation, moving from a centrally planned economy to a globally integrated market economy. Corrupt and haphazard privatization processes turned over major state-owned firms to politically connected "oligarchs", which has left equity ownership highly concentrated.

Yeltsin's program of radical, market-oriented reform came to be known as a "shock therapy". It was based on the policies associated with the Washington Consensus, recommendations of the IMF and a group of top American economists, including Larry Summers[58][59][60] who in 1994 urged for "the three '-ations'—privatization, stabilization, and liberalization" to be "completed as soon as possible."[61] With deep corruption afflicting the process, the result was disastrous, with real GDP falling by more than 40% by 1999, hyperinflation which wiped out personal savings, crime and destitution spreading rapidly.[62][63] The jump in prices from shock therapy wiped out the modest savings accumulated by Russians under socialism and resulted in a regressive redistribution of wealth in favour of elites who owned non-monetary assets.[64]

Shock therapy was accompanied by a drop in the standard of living, including surging economic inequality and poverty,[65] along with increased excess mortality[66][67] and a decline in life expectancy.[68] Russia suffered the largest peacetime rise in mortality ever experienced by an industrialized country.[69] Likewise, the consumption of meat decreased: in 1990, an average citizen of the RSFSR consumed 63 kg of meat a year; by 1999, it had decreased to 45 kg.[70]

The majority of state enterprises were privatized amid great controversy and subsequently came to be owned by insiders[71] for far less than they were worth.[59] For example, the director of a factory during the Soviet regime would often become the owner of the same enterprise. Under the government's cover, outrageous financial manipulations were performed that enriched a narrow group of individuals at key positions of business and government.[72] Many of them promptly invested their newfound wealth abroad, producing an enormous capital flight.[73] This rapid privatization of public assets, and the widespread corruption associated with it, became widely known throughout Russia as "prikhvatizatisiya," or "grab-itization."[74]

Difficulties in collecting government revenues amid the collapsing economy and dependence on short-term borrowing to finance budget deficits led to the 1998 Russian financial crisis.

In the 1990s Russia was "the largest borrower" from the International Monetary Fund, with loans totalling $20 billion. The IMF was criticised for lending so much, as Russia introduced little of the reforms promised for the money and a large part of these funds could have been "diverted from their intended purpose and included in the flows of capital that left the country illegally".[75][76]

Recovery and growth (1999–2008)

 
Oil prices in the 2000s

Russia bounced back quickly from the August 1998 financial crash, partly because of a devaluation of the ruble, which made domestic producers more competitive nationally and internationally.

Between 2000 and 2002, significant pro-growth economic reforms included a comprehensive tax reform, which introduced a flat income tax of 13%; and a broad effort at deregulation which benefited small and medium-sized enterprises.[77]

Between 2000 and 2008, Russian economy got a major boost from rising commodity prices. GDP grew on average 7% per year.[62] Disposable incomes more than doubled and in dollar-denominated terms increased eightfold.[78] The volume of consumer credit between 2000 and 2006 increased 45 times, fuelling a boom in private consumption.[79][80] The number of people living below poverty line declined from 30% in 2000 to 14% in 2008.[81][82]

Inflation remained a problem however, as the central bank aggressively expanded money supply to combat appreciation of the ruble.[83] Nevertheless, in 2007 the World Bank declared that the Russian economy achieved "unprecedented macroeconomic stability".[84] Until October 2007, Russia maintained impressive fiscal discipline with budget surpluses every year from 2000.[77]

2009–14

 
Changes in the credit rating (foreign) of Russia, Standard & Poor’s

Russian banks were hit by the global credit crunch in 2008, though no long term damage was done thanks to proactive and timely response by the government and central bank, which shielded the banking system from effects of the global financial crisis.[85][86][87] A sharp, but brief recession in Russia was followed by a strong recovery beginning in late 2009.[62]

 
Russian bonds, Inverted yield curves to tame inflation during their wars (Russo-Georgian War, Russo-Ukrainian War, 2022 Russian invasion of Ukraine)
  20 year bond
  10 year bond
  1 year bond
  3 month bond

Between 2000 and 2012 Russia's energy exports fuelled a rapid growth in living standards, with real disposable income rising by 160%.[88] In dollar-denominated terms this amounted to a more than sevenfold increase in disposable incomes since 2000.[78] In the same period, unemployment and poverty more than halved and Russians' self-assessed life satisfaction also rose significantly.[89] This growth was a combined result of the 2000s commodities boom, high oil prices, as well as prudent economic and fiscal policies.[90] However, these gains have been distributed unevenly, as the 110 wealthiest individuals were found in a report by Credit Suisse to own 35% of all financial assets held by Russian households.[91][92] Russia also has the second-largest volume of illicit money outflows, having lost over $880 billion between 2002 and 2011 in this way.[93] Since 2008 Forbes has repeatedly named Moscow the "billionaire capital of the world".[94]

After eighteen years of negotiations, Russia's membership to the WTO was accepted in 2011.[95] In 2013, Russia was labelled a high-income economy by the World Bank.[96]

Russian leaders repeatedly spoke of the need to diversify the economy away from its dependence on oil and gas and foster a high-technology sector.[97] In 2012 oil, gas and petroleum products accounted for over 70% of total exports.[98] This economic model appeared to show its limits, when after years of strong performance, the Russian economy expanded by a mere 1.3% in 2013.[62] Several reasons were proposed to explain the slowdown, including a prolonged recession in the EU, which is Russia's largest trading partner, stagnant oil prices, lack of spare industrial capacity and demographic problems.[99] Political turmoil in neighbouring Ukraine added to the uncertainty and suppressed investment.

2014–21

 
Countries by natural gas proven reserves (2014), based on data from The World Factbook. Russia has the world's largest reserves.

Following the annexation of Crimea in March 2014 and Russia's involvement in the ongoing War in Donbas, the United States, the European Union, Canada and Japan imposed sanctions on Russia.[100] This led to the decline of the Russian ruble and sparked fears of a Russian financial crisis. Russia responded with sanctions against a number of countries, including a one-year period of total ban on food imports from the European Union and the United States.

According to the Russian economic ministry in July 2014, GDP growth in the first half of 2014 was 1%. The ministry projected growth of 0.5% for 2014.[101] The Russian economy grew by a better than expected 0.6% in 2014.[102] Russia is rated one of the most unequal of the world's major economies.[103]

As of 2015, real income was still lower for 99% of Russians than it was in 1991.[69]

The Russian economy risked going into recession from early 2014, mainly due to falling oil prices, sanctions, and the subsequent capital flight.[104] While in 2014 GDP growth remained positive at 0.6%,[105] in 2015 the Russian economy shrunk by 3.7% and was expected to shrink further in 2016.[106] By 2016, the Russian economy rebounded with 0.3% GDP growth and officially exited recession. The growth continued in 2017, with an increase of 1.5%.[107][108]

In January 2016, Bloomberg rated Russia's economy as the 12th most innovative in the world,[109] up from 14th in January 2015[110] and 18th in January 2014.[111] Russia has the world's 15th highest patent application rate, the 8th highest concentration of high-tech public companies, such as internet and aerospace and the third highest graduation rate of scientists and engineers.[109]

In 2019 Russia's Natural Resources and Environment Ministry estimated the value of natural resources to $844 billion or 60% of the country's GDP.[112]

2022–present

See also: Economic impact of the 2022 Russian invasion of Ukraine and 2022 Russian debt default

In 2022, there have been heavy sanctions due to the Russian invasion of Ukraine that will likely result in steep recession.[113] Since early 2022 many official economic statistics are not published.[114] Sanctions also included asset freezes on the Russian Central Bank,[115] which holds $630 billion in foreign-exchange reserves,[116] to prevent it from offsetting the impact of sanctions.[117]

According to most estimates, every day of the war in Ukraine costs Russia $500 million to $1 billion.[118][119][120]

On 27 June 2022 Russia defaulted on part of its foreign currency, its first such default since 1918.[121]

In November 2022 it was reported that Russia had officially entered a recession as the Federal State Statistics Service had reported a national GDP loss for the second consecutive quarter.[122]

As part of the sanctions imposed on Russia, on 2 September 2022, the finance ministers of the G7 group agreed to cap the price of Russian oil and petroleum products, designed to allow Russia to maintain production but limiting the revenue from oil sales.[123][124]

TASS reported poor results for the Russian economy for quarter 1 2023 with revenues of 5.7 trillion rubles – down 21% (mainly due to falling oil revenues), expenditure 8.1 trillion rubles – up 34% (mainly due to increased military costs), creating a deficit 2.4 trillion rubles – ($29.4 billion)[125]

  •  

    Gross domestic product (PPP) per capita in April 2022

  •  

    Unemployment rate of Russia since the fall of the Soviet Union

  •  

    Russian inflation rate 2012–2022

Data

The following table shows the main economic indicators in 1980–2021 (with IMF staff estimates in 2022–2026). Inflation below 5% is in green.[126]

Year GDP

(in Bil. US$PPP)

GDP per capita

(in US$ PPP)

GDP

(in Bil. US$nominal)

GDP per capita

(in US$ nominal)

GDP growth

(real)

Inflation rate

(in Percent)

Unemployment

(in Percent)

Government debt

(in % of GDP)

1992 1,602.6 10,805.2 71.6 482.8 n/a n/a 5.2% n/a
1993  1,497.9  10,091.3  196.2  1,322.0  -8.7%  874.3%  5.9% n/a
1994  1,335.6  8,999.0  293.8  1,979.4  -12.7%  307.5%  8.1% n/a
1995  1,307.7  8,818.3  335.8  2,264.3  -4.1%  197.3%  8.3% n/a
1996  1,283.6  8,668.4  412.7  2,787.0  -3.6%  47.8%  9.3% n/a
1997  1,323.7  8,958.2  433.7  2,935.0  1.4%  14.8%  10.8% 51.5%
1998  1,267.1  8,588.1  287.7  1,949.8  -5.3%  27.7%  11.9%  135.2%
1999  1,366.5  9,303.2  209.7  1,427.3  6.4%  85.7%  13.0%  92.4%
2000  1,537.9  10,511.7  278.3  1,902.0  10.0%  20.8%  10.6%  55.9%
2001  1,652.6  11,346.4  328.5  2,255.3  5.1%  21.5%  8.9%  44.4%
2002  1,758.0  12,127.0  370.1  2,552.8  4.7%  15.8%  8.0%  37.6%
2003  1,924.4  13,333.1  461.5  3,197.6  7.3%  13.7%  8.2%  28.3%
2004  2,117.9  14,727.8  633.3  4,404.0  7.2%  10.9%  7.7%  20.8%
2005  2,323.6  16,221.8  817.7  5,708.8  6.4%  12.7%  7.2%  14.9%
2006  2,590.6  18,133.2  1,060.9  7,426.0  8.2%  9.7%  7.1%  9.8%
2007  2,887.6  20,229.0  1,393.4  9,761.4  8.5%  9.0%  6.0%  8.0%
2008  3,097.5  21,700.5  1,779.1  12,464.2  5.2%  14.1%  6.2%  7.4%
2009  2,873.5  20,117.9  1,307.9  9,157.0  -7.8%  11.6%  8.2%  9.9%
2010  3,039.0  21,271.9  1,633.1  11,431.1  4.5%  6.8%  7.4%  10.1%
2011  3,259.3  22,783.5  2,046.6  14,306.4  5.1%  8.4%  6.5%  10.3%
2012  3,480.3  24,278.8  2,191.5  15,288.0  4.0%  5.1%  5.5%  11.2%
2013  3,741.8  26,044.8  2,288.4  15,928.7  1.8%  6.8%  5.5%  12.3%
2014  3,763.5  25,730.6  2,048.8  14,007.5  0.7%  7.8%  5.2%  15.1%
2015  3,526.2  24,062.5  1,356.7  9,257.9  -2.0%  15.5%  5.6%  15.3%
2016  3,538.6  24,104.1  1,280.6  8,723.5  0.2%  7.0%  5.5%  14.8%
2017  3,818.8  25,999.3  1,575.1  10,724.0  1.8%  3.7%  5.2%  14.3%
2018  4,019.8  27,386.2  1,653.0  11,261.7  2.8%  2.9%  4.8%  13.6%
2019  4,181.6  28,495.0  1,695.7  11,555.3  2.2%  4.5%  4.6%  13.7%
2020  4,119.3  28,181.2  1,484.4  10,155.3  -2.7%  3.4%  5.8%  19.2%
2021  4,494.2  30,875.8  1,778.5  12,218.7  4.7%  6.7%  4.8%  17.0%
2022  4,649.7  31,967.0  2,133.1  14,665.2  -3.4%  13.8%  4.0%  16.2%
2023  4,705.6  32,390.6  2,136.2  14,704.7  -2.3%  5.0%  4.3%  16.9%
2024  4,876.4  33,619.3  2,146.7  14,800.1  1.5%  4.0%  4.4%  16.4%
2025  5,016.6  34,650.0  2,159.1  14,912.9  1.0%  4.0%  4.4%  15.3%
2026  5,153.1  35,665.5  2,195.2  15,193.6  0.8%  4.0%  4.5%  13.9%
2027  5,289.5  36,685.6  2,235.8  15,506.5  0.7%  4.0%  4.6%  12.5%

Income inequality

In Russia, areas where income is higher have increased air pollution. However while income may have been higher in these regions a greater disparity in income inequality was found. It was discovered that "greater income inequality within a region is associated with more pollution, implying that it is not only the level of income that matters but also its distribution".[127] In Russia areas lacking in hospital beds suffer from greater air pollution than areas with higher numbers of beds per capita which implies that the poor or inadequate distribution of public services also may add to the environmental inequality of that region.[127]

Public policy

Fiscal policy

See also: Federal budget of Russia

Russia was expected to have a Government Budget deficit of $21 billion in 2016.[128] The budget deficit narrowed to 0.6% of GDP in 2017 from 2.8% in 2016.[129]

National wealth fund and debt

See also: Russian National Wealth Fund

On 1 January 2004, the Government of Russia established the Stabilization fund of the Russian Federation as part of the federal budget to balance it if price of oil falls. On 1 February 2008 the Stabilization fund was divided into two parts. The first is a reserve fund equal to 10% of GDP (10% of GDP equals to about $200 billion now), and was to be invested in a similar way as the Stabilization Fund. The second is the National Prosperity Fund of the Russian Federation. Deputy Finance Minister Sergei Storchak estimated it would reach 600–700 billion rubles by 1 February 2008. The National Prosperity Fund is to be invested in more risky instruments, including the shares of foreign companies.[130][needs update]

Russia has one of the lowest foreign debts among major economies.[131]

Corruption

 
Corruption Perceptions Index by Transparency International, 2019

Russia was the lowest rated European country in Transparency International's Corruption Perceptions Index for 2020; ranking 129th out of 180 countries.[132] Corruption is perceived as a significant problem in Russia,[133] impacting various aspects of life, including the economy,[134] business,[135] public administration,[136][137] law enforcement,[138] healthcare,[139] and education.[140] The phenomenon of corruption is strongly established in the historical model of public governance in Russia and attributed to general weakness of rule of law in Russia.[141] As of 2020, the percentage of business owners who distrust law enforcement agencies rose to 70% (from 45% in 2017); 75% don't believe in impartiality of courts and 79% do not believe that legal institutions protect them from abuse of law such as racketeering or arrest on dubious grounds.[142]

Sectors

 
A proportional representation of Russia exports, 2019

Primary

Energy

Main article: Energy in Russia
See also: List of countries by natural gas proven reserves, List of countries by natural gas exports, List of countries by oil exports, and Russia in the European energy sector
 
Russia is a key oil and gas supplier to much of Europe
 
Rosneft headquarters on the bank of the Moskva River, Moscow

The mineral-packed Ural Mountains and the vast fossil fuel (oil, gas, coal), and timber reserves of Siberia and the Russian Far East make Russia rich in natural resources, which dominate Russian exports. Oil and gas exports, specifically, continue to be the main source of hard currency.

Russia has been widely described as an energy superpower;[34] as it has the world's largest natural gas reserves,[35] the second-largest coal reserves,[36] the eighth-largest oil reserves,[37] and the largest oil shale reserves in Europe.[38] It is the world's leading natural gas exporter,[39] the second-largest natural gas producer,[40] and the second-largest oil exporter,[41] and producer.[42] Fossil fuels cause most of the greenhouse gas emissions by Russia.[143] The country is the world's fourth-largest electricity producer,[144] and the ninth-largest renewable energy producer in 2019.[145] Russia was also the world's first country to develop civilian nuclear power, and to construct the world's first nuclear power plant.[146] In 2019, It was the world's fourth-largest nuclear energy producer.[147]

Mining

Main articles: Mining industry of Russia and Metallurgy of Russia

Russia is also a leading producer and exporter of minerals and gold. Russia is the largest diamond-producing nation in the world, estimated to produce over 33 million carats in 2013, or 25% of global output valued at over $3.4 billion, with state-owned ALROSA accounting for approximately 95% of all Russian production.[148]

In 2019, the country was the 3rd world producer of gold;[149] 2nd worldwide producer of platinum;[150] 4th worldwide producer of silver;[151] 9th largest world producer of copper;[152] 3rd largest world producer of nickel;[153] 6th largest world producer of lead;[154] 9th largest world producer of bauxite;[155] 10th largest world producer of zinc;[156] 2nd worldwide producer of vanadium;[157] 2nd largest world producer of cobalt;[158] 5th largest world producer of iron ore;[159] 7th largest world producer of boron;[160] 9th largest world producer of molybdenum;[161] 13th largest world producer of tin;[162] 3rd largest world producer of sulfur;[163] 4th largest world producer of phosphate;[164] 8th largest world producer of gypsum;[165] in addition to being the world's 10th largest producer of salt.[166] It was the world's 6th largest producer of uranium in 2018.[167]

Agriculture

Main articles: Agriculture in Russia and Fishing industry in Russia

Russia's agriculture sector contributes about 5% of the country's total GDP, although the sector employs about one-eighth of the total labour force.[168] It has the world's third-largest cultivated area, at 1,265,267 square kilometres (488,522 sq mi). However, due to the harshness of its environment, about 13.1% of its land is agricultural,[1] and only 7.4% of its land is arable.[169] The main product of Russian farming has always been grain, which occupies considerably more than half of the cropland.[168] Russia is the world's largest exporter of wheat,[170] and is the largest producer of barley,[171] buckwheat, oats,[172] and rye,[173] and the second-largest producer of sunflower seed.[174] Various analysts of climate change adaptation foresee large opportunities for Russian agriculture during the rest of the 21st century as arability increases in Siberia, which would lead to both internal and external migration to the region.[175]

More than one-third of the sown area is devoted to fodder crops, and the remaining farmland is devoted to industrial crops, vegetables, and fruits.[168] Owing to its large coastline along three oceans, Russia maintains one of the world's largest fishing fleets, ranking sixth in the world in tonnage of fish caught; capturing 4,773,413 tons of fish in 2018.[176] It is also home to the world's finest caviar (the beluga), and produces about one-third of all canned fish, and some one-fourth of the world's total fresh and frozen fish.[168]

Industry

 
Russia's industrial growth per year (%), 1992–2010

Defence industry

Main articles: Defence industry of Russia and Science and technology in Russia
 
President Vladimir Putin meeting with workers of Kalashnikov Concern (2016)
 
A view of T-14 Armata tank

The defence industry of Russia is a strategically important sector and a large employer in the country. Russia has a large and sophisticated arms industry, capable of designing and manufacturing high-tech military equipment, including a fifth-generation fighter jet, nuclear powered submarines, firearms, and short range/long range ballistic missiles. It is the world's second-largest exporter of arms, behind only the United States.[1]

Aerospace

 
The Sukhoi Superjet 100 is one of Russia's most recent civilian aviation products. The regional passenger plane was ordered around 280 times for various airlines and leasing companies as of 2018
Main articles: Aircraft industry of Russia and Space industry of Russia

Aircraft manufacturing is an important industry sector in Russia, employing around 355,300 people. The Russian aircraft industry offers a portfolio of internationally competitive military aircraft such as MiG-29 and Su-30, while new projects such as the Sukhoi Superjet 100 are hoped to revive the fortunes of the civilian aircraft segment. In 2009, companies belonging to the United Aircraft Corporation delivered 95 new fixed-wing aircraft to its customers, including 15 civilian models. In addition, the industry produced over 141 helicopters. It is one of the most science-intensive hi-tech sectors and employs the largest number of skilled personnel. The production and value of the military aircraft branch far outstrips other defence industry sectors, and aircraft products make up more than half of the country's arms exports.[177]

The Space industry of Russia consists of over 100 companies and employs 250,000 people.[178]

Automotive industry

Main article: Automotive industry in Russia
 
Lada is a brand of AvtoVAZ, the largest Russian car manufacturer in the Russian automotive industry.
 
Aurus Senat, a recent armoured limousine project by NAMI

Automotive production is a significant industry in Russia, directly employing around 600,000 people or 1% of the country's total workforce. Russia produced 1,767,674 vehicles in 2018, ranking 13th among car-producing nations in 2018, and accounting for 1.8% of the worldwide production.[179] The main local brands are light vehicle producers AvtoVAZ and GAZ, while KamAZ is the leading heavy vehicle producer. Eleven foreign carmakers have production operations or are constructing their plants in Russia.

Electronics

Russia is experiencing a regrowth of microelectronics, with the revival of JCS Mikron.[180][181]

Services

Retail

As of 2013, Russians spent 60% of their pre-tax income on shopping, the highest percentage in Europe. This is possible because many Russians pay no rent or house payments, owning their own home after privatization of state-owned Soviet housing. Shopping malls were popular with international investors and shoppers from the emerging middle class. Eighty-two malls had been built near major cities including a few that were very large. A supermarket selling groceries is a typical anchor store in a Russian mall.[182]

Retail sales in Russia[183]

Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Total retail sales (RUB trillions) 14.60 16.49 19.08 21.3 23.7 26.4 27.6 29.75 27.88 31.58 33.62 33.56 39.47 42.51

Telecommunications

Main article: Telecommunications in Russia

Russia's telecommunications industry is growing in size and maturity. As of December 2007, there were an estimated 4,900,000 broadband lines in Russia.[184]

In 2006, there were more than 300 BWA operator networks, accounting for 5% of market share, with dial-up accounting for 30%, and Broadband Fixed Access accounting for the remaining 65%.[185] In December 2006, Tom Phillips, chief government and regulatory affairs officer of the GSM Association stated:

"Russia has already achieved more than 100% mobile penetration thanks to the huge popularity of wireless communications among Russians and the government's good work in fostering a market driven mobile sector based on strong competition."[186]

The financial crisis, which had already hit the country at the end of 2008, caused a sharp reduction of the investments by the business sectors and a notable reduction of IT budget made by government in 2008–2009. As a consequence, in 2009 the IT market in Russia declined by more than 20% in ruble terms and by one-third in euro terms. Among the particular segments, the biggest share of the Russian IT market still belongs to hardware.[187]

Key data on the telecommunications market in Russia[185]

Year 2004 2005 2006 2007 2008 2009 2010 2011 (est.)
Telecommunications market value (€ bn) 12.9 16.0 20.9 25.0 27.5 24.4 28.5 30.6
Telecommunications market growth rate (%) 32.0 23.5 30.6 20.2 10.0 −11.4 17.1 7.3

Transportation

Main articles: Transport in Russia and Russian Railways
 
The Trans-Siberian Railway, the longest railway-line in the world, as seen across the coast of Lake Baikal.
 
The Russky Bridge in Vladivostok is the longest cable-stayed bridge in the world

Railway transport in Russia is mostly under the control of the state-run Russian Railways.[188] The total length of common-used railway tracks is the world's third-longest, and exceeds 87,157 km (54,157 mi).[189] As of 2016, Russia has 1,452.2 thousand km of roads,[190] and its road density is among the world's lowest.[191] Russia's inland waterways are the world's second-longest, and total 102,000 km (63,380 mi).[192] Among Russia's 1,218 airports,[193] the busiest is Sheremetyevo International Airport in Moscow.[194]

Russia's largest post is the Port of Novorossiysk in Krasnodar Krai along the Black Sea.[195] It is the world's sole country to operate nuclear-powered icebreakers, which advance the economic exploitation of the Arctic continental shelf of Russia, and the development of sea trade through the Northern Sea Route.[196]

Construction

In 2009 the Russian construction industry survived its most difficult year in more than a decade. The 0.8% reduction recorded by the industry for the first three quarters of 2010 looked remarkably healthy in comparison with the 18.4% slump recorded the previous year, and construction firms became much more optimistic about the future than in previous months. The most successful construction firms concluded contracts worth billions of dollars and planned to take on employees and purchase new building machinery. The downturn served to emphasise the importance of the government to the construction market.[197]

Insurance

According to the Central Bank of Russia 422 insurance companies operate on the Russian insurance market by the end of 2013. The concentration of insurance business is significant across all major segments except compulsory motor third party liability market (CMTPL) [ru], as the top 10 companies in 2013 charged 58.1% premiums in total without compulsory health insurance (CHI).[198] Russian insurance market in 2013 demonstrated quite significant rate of growth in operations. Total amount of premiums charged (without CHI) in 2013 is RUB 904.9 bln (increase on 11.8% compared to 2012), total amount of claims paid is RUB 420.8 bln (increase on 13.9% compared to 2012). Premiums to GDP ratio (total without CHI) in 2013 increased to 1.36% compared to 1.31 a year before. The share of premiums in household spending increased to 1.39%. Level of claims paid on the market total without CHI is 46.5%, an insufficient increase compared to 2012. The number of policies in 2013 increased on 0.1% compared to 2012, to 139.6 mln policies.

Although relative indicators of the Russian insurance market returned to pre-crisis levels, the progress is achieved mainly by the increase of life insurance and accident insurance, the input of these two market segments in premium growth in 2013 largely exceeds their share on the market. As before, life insurance and accident insurance are often used by banks as an appendix to a credit contract protecting creditors from the risk of credit default in case of borrower's death or disability. The rise of these lines is connected, evidently, with the increase in consumer loans, as the total sum of credit obligations of population in 2013 increased by 28% to RUB 9.9 trillion. At the same time premium to GDP ratio net of life and accident insurance remained at the same level of 1.1% as in 2012. Thus, if "banking" lines of business are excluded, Russian insurance market is in stagnation stage for the last four years, as premiums to GDP ratio net of life and accident insurance remains at the same level of 1.1% since 2010.[199]

Information technology

Main article: Information technology in Russia
 
Russia has more academic graduates than any other country in Europe. (And world leader in percentage of population with associate degree or higher: 54%, compared to 31% in UK[200])

The IT market is one of the most dynamic sectors of the Russian economy. Russian software exports have risen from just $120 million in 2000 to $3.3 billion in 2010.[201] Since the year 2000 the IT market has started growth rates of 30–40% a year, growing by 54% in 2006 alone. The biggest sector in terms of revenue is system and network integration, which accounts for 28.3% of the total market revenues.[202] Meanwhile, the fastest growing segment of the IT market is offshore programming.

 
Interior of the Beriev Scientific and Technical Complex in Taganrog

The government has launched a program promoting construction of IT-oriented technology parks (Technoparks)—special zones that have an established infrastructure and enjoy a favorable tax and customs regime, in seven different places around the country: Moscow, Novosibirsk, Nizhny Novgorod, Kaluga, Tumen, Republic of Tatarstan and St. Peterburg Regions.[201]

Under a government decree signed in June 2013, a special "roadmap" is expected to ease business suppliers’ access to the procurement programs of state-owned infrastructure monopolies, including such large ones as Gazprom, Rosneft, Russian Railways, Rosatom, and Transneft. These companies will be expected to increase the proportion of domestic technology solutions they use in their operations. The decree puts special emphasis on purchases of innovation products and technologies. According to the new decree, by 2015, government-connected companies must double their purchases of Russian technology solutions compared to the 2013 level and their purchasing levels must quadruple by 2018.[203]

Russia is one of the few countries in the world with a home grown internet search engine who owns a relevant marketshare as the Russian-based search engine Yandex is used by 53.8% of internet users in the country.[204][205][206]

Known Russian IT companies are ABBYY (FineReader OCR system and Lingvo dictionaries), Kaspersky Lab (Kaspersky Anti-Virus, Kaspersky Internet Security), Mail.Ru (portal, search engine, mail service, Mail.ru Agent messenger, ICQ, Odnoklassniki social network, online media sources).

Tourism

Main article: Tourism in Russia
 
Peterhof Palace in Saint Petersburg, a UNESCO World Heritage Site.

According to a UNWTO report, Russia is the sixteenth-most visited country in the world, and the tenth-most visited country in Europe, as of 2018, with 24.6 million visits.[207] Russia is ranked 39th in the Travel and Tourism Competitiveness Report 2019.[208] According to Federal Agency for Tourism, the number of inbound trips of foreign citizens to Russia amounted to 24.4 million in 2019.[209] Russia's international tourism receipts in 2018 amounted to $11.6 billion.[207] In 2020, tourism accounted for about 4% of country's GDP.[210] Major tourist routes in Russia include a journey around the Golden Ring theme route of ancient cities, cruises on the big rivers like the Volga, and journeys on the famous Trans-Siberian Railway.[211] Russia's most visited and popular landmarks include Red Square, the Peterhof Palace, the Kazan Kremlin, the Trinity Lavra of St. Sergius and Lake Baikal.[212]

External trade and investment

 
Novolipetsk Steel-operated steel plant in Lipetsk
 
Port of Saint Petersburg

Trade

Russia recorded a trade surplus of US$15.8 billion in 2013.[213] Balance of trade in Russia is reported by the Central Bank of Russia. Historically, from 1997 until 2013, Russia balance of trade averaged US$8338.23 million reaching an all-time high of US$20647 million in December 2011 and a record low of −185 USD million in February 1998. Russia runs regular trade surpluses primarily due to exports of commodities.

In 2015, Russia main exports are oil and natural gas (62.8% of total exports), ores and metals (5.9%), chemical products (5.8%), machinery and transport equipment (5.4%) and food (4.7%). Others include: agricultural raw materials (2.2%) and textiles (0.2%).[214]

Russia imports food, ground transports, pharmaceuticals and textile and footwear. Main trading partners are: China (7% of total exports and 10% of imports), Germany (7% of exports and 8% of imports) and Italy. This page includes a chart with historical data for Russia balance of trade. Exports in Russia decreased to US$39038 million in January 2013 from US$48568 million in December 2012. Exports in Russia is reported by the Central Bank of Russia. Historically, from 1994 until 2013, Russia Exports averaged US$18668.83 million reaching an all-time high of US$51338 million in December 2011 and a record low of US$4087 million in January 1994. Russia is the 16th largest export economy in the world (2016)[215] and is a leading exporter of oil and natural gas. In Russia, services are the biggest sector of the economy and account for 58% of GDP. Within services the most important segments are: wholesale and retail trade, repair of motor vehicles, motorcycles and personal and household goods (17% of total GDP); public administration, health and education (12%); real estate (9%) and transport storage and communications (7%). Industry contributes 40% to total output. Mining (11% of GDP), manufacturing (13%) and construction (4%) are the most important industry segments. Agriculture accounts for the remaining 2%. This page includes a chart with historical data for Russia Exports. Imports in Russia decreased to US$21296 million in January 2013 from US$31436 million in December 2012. Imports in Russia is reported by the Central Bank of Russia. Historically, from 1994 until 2013, Russia imports averaged US$11392.06 million reaching an all-time high of US$31553 million in October 2012 and a record low of US$2691 million in January 1999. Russia main imports are food (13% of total imports) and ground transports (12%). Others include: pharmaceuticals, textile and footwear, plastics and optical instruments. Main import partners are China (10% of total imports) and Germany (8%). Others include: Italy, France, Japan and United States. This page includes a chart with historical data for Russia Imports.

Foreign trade of Russia – Russian export and import[216]

Year 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Export (US$ Billions) 241 302 352 468 302 397 517 525 527 498 344 302 379 451 427
Import (US$ Billions) 99 138 200 267 171 229 306 316 315 287 183 207 260 240 247

Foreign trade rose 34% to $151.5 billion in the first half of 2005, mainly due to the increase in oil and gas prices which now form 64% of all exports by value. Trade with CIS countries is up 13.2% to $23.3 billion. Trade with the EU forms 52.9%, with the CIS 15.4%, Eurasian Economic Community 7.8% and Asia-Pacific Economic Community 15.9%.[citation needed]

 
GRP per capita, 2016 (US dollars):
  50 000 and over
  30 000 – 50 000
  9 750 (Russian average) – 20 000
  7 500 – 9 750
  5 000 – 7 500
  under 3 000

Mergers and acquisitions

Between 1985 and 2018 almost 28,500 mergers or acquisitions have been announced in Russia. This cumulates to an overall value of around 984 bil. USD which translates to 5.456 bil. RUB. In terms of value, 2007 has been the most active year with 158 bil. USD, whereas the number of deals peaked in 2010 with 3,684 (964 compared to the value record year 2007). Since 2010 value and numbers have decreased constantly and another wave of M&A is expected.[217]

The majority of deals in, into or out of Russia have taken place in the financial sector (29%), followed by banks (8.6%), oil and gas (7.8%) and Metals and Mining (7.2%).

Here is a list of the top deals with Russian companies participating ranked by deal value in mil. USD:

Date Announced Acquiror Name Acquiror Mid Industry Acquiror Nation Target Name Target Mid Industry Target Nation Value of Transaction ($mil)
10/22/2012 Rosneft Oil Co Oil & Gas Russian Fed TNK-BP Ltd Oil & Gas Russian Fed 27854.12
07/24/2012 Rosneft Oil Co Oil & Gas Russian Fed TNK-BP Ltd Oil & Gas Russian Fed 26061.15
04/22/2003 Yukosneftegaz Oil & Gas Russian Fed Sibirskaia Neftianaia Co Oil & Gas Russian Fed 13615.23
09/28/2005 Gazprom Oil & Gas Russian Fed Sibneft Oil & Gas Russian Fed 13101.08
04/13/2005 Shareholders Other Financials Russian Fed Polyus Metals & Mining Russian Fed 12867.39
12/16/2010 MMC Norilsk Nickel PJSC Metals & Mining Russian Fed MMC Norilsk Nickel PJSC Metals & Mining Russian Fed 12800
07/27/2007 Shareholders Other Financials Russian Fed HydroOGK Power Russian Fed 12381.83
12/10/2016 QHG Shares Pte Ltd Other Financials Singapore Rosneft Oil Co Oil & Gas Russian Fed
06/30/2010 KazakhGold Group Ltd Metals & Mining Kazakhstan Polyus Zoloto Metals & Mining Russian Fed 10261.33
08/05/2008 Vladimir Potanin Other Financials Russian Fed MMC Norilsk Nickel PJSC Metals & Mining Russian Fed 10021.11

The majority of the top 10 deals are within the Russian Oil and Gas sector, followed by Metals and Mining.

See also

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April 29, 2023
economy, russia, examples, perspective, this, article, lacks, information, communist, russia, represent, full, view, subject, please, improve, this, article, discuss, issue, talk, page, november, 2022, economy, russia, gradually, transformed, from, planned, ec. The examples and perspective in this article lacks information on pre communist Russia and may not represent a full view of the subject Please improve this article and discuss the issue on the talk page November 2022 The economy of Russia has gradually transformed from a planned economy into a mixed market oriented economy 30 It has enormous natural resources particularly oil and natural gas 31 It is the world s eleventh largest economy by nominal GDP and the sixth largest by purchasing power parity PPP 6 Due to a volatile currency exchange rate Russia s GDP as measured in dollars fluctuates sharply 32 Russia s membership to the WTO was accepted in 2011 Economy of RussiaThe Moscow International Business CenterCurrencyRussian ruble RUB Fiscal yearcalendar year 1 Trade organizationsWTO BRICS EAEU CIS GECF APEC G 20 and othersCountry groupAccording to International Monetary Fund and World Bank Developing Emerging 2 Upper middle income economy 3 According to United Nations s Human Development Index rank Developed country Very High Human Development 4 StatisticsPopulation147 182 123 Late 2021 census 5 GDP 2 063 trillion nominal 2023 est 6 4 989 trillion PPP 2023 est 6 GDP rank11th nominal 2023 6th PPP 2023 GDP growth 2 1 2022 7 0 7 2023f 7 1 3 2024f 7 GDP per capita 14 404 nominal 2023 est 6 34 837 PPP 2023 est 6 GDP per capita rank67th nominal 2023 60th PPP 2023 GDP by sectoragriculture 5 6 industry 26 6 services 67 8 2022 est 8 Inflation CPI 11 77 Jan 2023 9 Population below poverty line12 1 2020 10 4 08 on less than 6 85 day 2020 11 Gini coefficient37 5 medium 2018 World Bank 12 Human Development Index0 822 very high 2021 13 52nd 0 751 high 2021 42nd 14 Labor force72 443 66 2021 15 59 4 employment rate 2021 16 Labor force by occupationagriculture 9 4 industry 27 6 services 63 2016 est 8 Unemployment3 7 December 2022 17 Average gross salaryRUB 63 874 1 006 monthly 2022 Q2 Average net salaryRUB 55 570 876 monthly 2022 Q2 Main 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 defence 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 handicraftsExternalExports 492 3 billion 2021 18 Export goodscrude petroleum refined petroleum natural gas coal wheat iron 2019 Main export partners China 14 7 Netherlands 8 0 United States 5 6 United Kingdom 5 1 Italy 4 5 Belarus 4 2 Turkey 4 1 Germany 3 9 Kazakhstan 3 7 South Korea 3 4 2021 19 Imports 293 5 billion 2021 18 Import goodscars and vehicle parts packaged medicines broadcasting equipment aircraft computers 2019 Main import partners China 24 9 Germany 11 5 Belarus 5 8 South Korea 3 8 Poland 3 2 Italy 3 1 Japan 2 9 Netherlands 2 8 France 2 7 United States 2 6 2021 20 FDI stockInward 38 billion 2021 21 Outward 64 billion 2021 21 Current account 259 34 billion 2022 22 12 15 of GDP 2022 22 Gross external debt 381 77 billion December 2022 23 Public financesPublic debt24 175 trillion 16 19 of GDP 2022 22 Budget balance3 8 of GDP 2022 24 Revenues49 606 trillion 22 33 22 of GDP 2022 22 Expenses53 038 trillion 22 35 52 of GDP 2022 22 Credit ratingStandard amp Poor s 25 26 SD Domestic SD Foreign SD T amp C Assessment Outlook N AMoody s 27 Ca Outlook NegativeFitch 28 C Outlook N AForeign reserves 592 billion January 2023 29 4th Main data source CIA World Fact Book All values unless otherwise stated are in US dollars Russia s vast geography is an important determinant of its economic activity with the country holding a large share of the world s natural resources 33 It has been widely described as an energy superpower 34 as it has the world s largest natural gas reserves 35 the second largest coal reserves 36 the eighth largest oil reserves 37 and the largest oil shale reserves in Europe 38 It is the world s leading natural gas exporter 39 the second largest natural gas producer 40 and the second largest oil exporter 41 and producer 42 Russia s foreign exchange reserves are the world s fourth largest 43 It has a labour force of roughly 70 million people which is the world s sixth largest 44 Russia is the world s second largest exporter of arms 45 Russia also has the world s fifth largest number of billionaires 46 The oil and gas sector accounted up to roughly 40 of Russia s federal budget revenues and up to 60 of its exports in 2019 47 In 2019 the Natural Resources and Environment Ministry estimated the value of natural resources to 60 of the country s GDP 48 Russia has one of the lowest external debts among major economies 49 although its inequality of household income and wealth remains comparatively high 50 Following the 2022 Russian invasion of Ukraine the country has faced several sanctions and boycotts from the Western world and its allies a move described as an all out economic and financial war to isolate the Russian economy from the Western financial system 51 In spite of economic sanctions Russia s economy remains quite resilient 52 53 54 55 Contents 1 History 1 1 Russian Empire 1 2 Soviet Union 1 3 Transition to market economy 1991 98 1 4 Recovery and growth 1999 2008 1 5 2009 14 1 6 2014 21 1 7 2022 present 2 Data 3 Income inequality 4 Public policy 4 1 Fiscal policy 4 1 1 National wealth fund and debt 4 2 Corruption 5 Sectors 5 1 Primary 5 1 1 Energy 5 1 2 Mining 5 1 3 Agriculture 5 2 Industry 5 2 1 Defence industry 5 2 2 Aerospace 5 2 3 Automotive industry 5 2 4 Electronics 5 3 Services 5 3 1 Retail 5 3 2 Telecommunications 5 3 3 Transportation 5 3 4 Construction 5 3 5 Insurance 5 3 6 Information technology 5 3 7 Tourism 6 External trade and investment 6 1 Trade 7 Mergers and acquisitions 8 See also 9 References 10 Further reading 11 External linksHistoryMain articles Economic history of the Russian Federation and Economy of the Soviet Union The Russian economy is volatile Since 1989 its institutional environment was transformed from a socialist command economy to a capitalistic market system Its industrial structure dramatically shifted away from heavy investment in manufacturing and agriculture toward market services oil gas and mining Richard Connolly argues that for the last four centuries there are four main characteristics of the Russian economy that have shaped the system and persisted despite the political upheavals First of all the weakness of the legal system means that impartial courts do not rule and contracts are problematic Second is the underdevelopment of modern economic activities with very basic peasant agriculture dominant into the 1930s Third is technological underdevelopment eased somewhat by borrowing from the West in the 1920s And fourth lower living standards compared to Western Europe and North America 56 Russian Empire Further information Economy of the Russian Empire after the abolition of serfdom This section is empty You can help by adding to it November 2022 Soviet Union Main article Economy of the Soviet Union Beginning in 1928 the course of the Soviet Union s economy was guided by a series of five year plans By the 1950s the Soviet Union had rapidly evolved from a mainly agrarian society into a major industrial power 57 By the 1970s the Soviet Union was in an Era of Stagnation The complex demands of the modern economy and inflexible administration overwhelmed and constrained the central planners The volume of decisions facing planners in Moscow became overwhelming The cumbersome procedures for bureaucratic administration foreclosed the free communication and flexible response required at the enterprise level for dealing with worker alienation innovation customers and suppliers Workers of Moscow Likhachev Automotive Plant 1963 From 1975 to 1985 corruption and data fiddling became common practice among bureaucracy to report satisfied targets and quotas thus entrenching the crisis Starting in 1986 Mikhail Gorbachev attempted to address economic problems by moving towards a market oriented socialist economy Gorbachev s policies of Perestroika failed to rejuvenate the Soviet economy instead a process of political and economic disintegration culminated in the breakup of the Soviet Union in 1991 Transition to market economy 1991 98 Russian inflation rate 1993 2022 Main Directorate of the Bank of Russia for the Central Federal District Russia s GDP by purchasing power parity PPP in 1991 2019 in international dollars Following the collapse of the Soviet Union Russia underwent a radical transformation moving from a centrally planned economy to a globally integrated market economy Corrupt and haphazard privatization processes turned over major state owned firms to politically connected oligarchs which has left equity ownership highly concentrated Yeltsin s program of radical market oriented reform came to be known as a shock therapy It was based on the policies associated with the Washington Consensus recommendations of the IMF and a group of top American economists including Larry Summers 58 59 60 who in 1994 urged for the three ations privatization stabilization and liberalization to be completed as soon as possible 61 With deep corruption afflicting the process the result was disastrous with real GDP falling by more than 40 by 1999 hyperinflation which wiped out personal savings crime and destitution spreading rapidly 62 63 The jump in prices from shock therapy wiped out the modest savings accumulated by Russians under socialism and resulted in a regressive redistribution of wealth in favour of elites who owned non monetary assets 64 Shock therapy was accompanied by a drop in the standard of living including surging economic inequality and poverty 65 along with increased excess mortality 66 67 and a decline in life expectancy 68 Russia suffered the largest peacetime rise in mortality ever experienced by an industrialized country 69 Likewise the consumption of meat decreased in 1990 an average citizen of the RSFSR consumed 63 kg of meat a year by 1999 it had decreased to 45 kg 70 The majority of state enterprises were privatized amid great controversy and subsequently came to be owned by insiders 71 for far less than they were worth 59 For example the director of a factory during the Soviet regime would often become the owner of the same enterprise Under the government s cover outrageous financial manipulations were performed that enriched a narrow group of individuals at key positions of business and government 72 Many of them promptly invested their newfound wealth abroad producing an enormous capital flight 73 This rapid privatization of public assets and the widespread corruption associated with it became widely known throughout Russia as prikhvatizatisiya or grab itization 74 Difficulties in collecting government revenues amid the collapsing economy and dependence on short term borrowing to finance budget deficits led to the 1998 Russian financial crisis In the 1990s Russia was the largest borrower from the International Monetary Fund with loans totalling 20 billion The IMF was criticised for lending so much as Russia introduced little of the reforms promised for the money and a large part of these funds could have been diverted from their intended purpose and included in the flows of capital that left the country illegally 75 76 Recovery and growth 1999 2008 Oil prices in the 2000s Russia bounced back quickly from the August 1998 financial crash partly because of a devaluation of the ruble which made domestic producers more competitive nationally and internationally Between 2000 and 2002 significant pro growth economic reforms included a comprehensive tax reform which introduced a flat income tax of 13 and a broad effort at deregulation which benefited small and medium sized enterprises 77 Between 2000 and 2008 Russian economy got a major boost from rising commodity prices GDP grew on average 7 per year 62 Disposable incomes more than doubled and in dollar denominated terms increased eightfold 78 The volume of consumer credit between 2000 and 2006 increased 45 times fuelling a boom in private consumption 79 80 The number of people living below poverty line declined from 30 in 2000 to 14 in 2008 81 82 Inflation remained a problem however as the central bank aggressively expanded money supply to combat appreciation of the ruble 83 Nevertheless in 2007 the World Bank declared that the Russian economy achieved unprecedented macroeconomic stability 84 Until October 2007 Russia maintained impressive fiscal discipline with budget surpluses every year from 2000 77 2009 14 Changes in the credit rating foreign of Russia Standard amp Poor s Russian banks were hit by the global credit crunch in 2008 though no long term damage was done thanks to proactive and timely response by the government and central bank which shielded the banking system from effects of the global financial crisis 85 86 87 A sharp but brief recession in Russia was followed by a strong recovery beginning in late 2009 62 Russian bonds Inverted yield curves to tame inflation during their wars Russo Georgian War Russo Ukrainian War 2022 Russian invasion of Ukraine 20 year bond 10 year bond 1 year bond 3 month bond Between 2000 and 2012 Russia s energy exports fuelled a rapid growth in living standards with real disposable income rising by 160 88 In dollar denominated terms this amounted to a more than sevenfold increase in disposable incomes since 2000 78 In the same period unemployment and poverty more than halved and Russians self assessed life satisfaction also rose significantly 89 This growth was a combined result of the 2000s commodities boom high oil prices as well as prudent economic and fiscal policies 90 However these gains have been distributed unevenly as the 110 wealthiest individuals were found in a report by Credit Suisse to own 35 of all financial assets held by Russian households 91 92 Russia also has the second largest volume of illicit money outflows having lost over 880 billion between 2002 and 2011 in this way 93 Since 2008 Forbes has repeatedly named Moscow the billionaire capital of the world 94 After eighteen years of negotiations Russia s membership to the WTO was accepted in 2011 95 In 2013 Russia was labelled a high income economy by the World Bank 96 Russian leaders repeatedly spoke of the need to diversify the economy away from its dependence on oil and gas and foster a high technology sector 97 In 2012 oil gas and petroleum products accounted for over 70 of total exports 98 This economic model appeared to show its limits when after years of strong performance the Russian economy expanded by a mere 1 3 in 2013 62 Several reasons were proposed to explain the slowdown including a prolonged recession in the EU which is Russia s largest trading partner stagnant oil prices lack of spare industrial capacity and demographic problems 99 Political turmoil in neighbouring Ukraine added to the uncertainty and suppressed investment 2014 21 Countries by natural gas proven reserves 2014 based on data from The World Factbook Russia has the world s largest reserves Following the annexation of Crimea in March 2014 and Russia s involvement in the ongoing War in Donbas the United States the European Union Canada and Japan imposed sanctions on Russia 100 This led to the decline of the Russian ruble and sparked fears of a Russian financial crisis Russia responded with sanctions against a number of countries including a one year period of total ban on food imports from the European Union and the United States According to the Russian economic ministry in July 2014 GDP growth in the first half of 2014 was 1 The ministry projected growth of 0 5 for 2014 101 The Russian economy grew by a better than expected 0 6 in 2014 102 Russia is rated one of the most unequal of the world s major economies 103 As of 2015 real income was still lower for 99 of Russians than it was in 1991 69 The Russian economy risked going into recession from early 2014 mainly due to falling oil prices sanctions and the subsequent capital flight 104 While in 2014 GDP growth remained positive at 0 6 105 in 2015 the Russian economy shrunk by 3 7 and was expected to shrink further in 2016 106 By 2016 the Russian economy rebounded with 0 3 GDP growth and officially exited recession The growth continued in 2017 with an increase of 1 5 107 108 In January 2016 Bloomberg rated Russia s economy as the 12th most innovative in the world 109 up from 14th in January 2015 110 and 18th in January 2014 111 Russia has the world s 15th highest patent application rate the 8th highest concentration of high tech public companies such as internet and aerospace and the third highest graduation rate of scientists and engineers 109 In 2019 Russia s Natural Resources and Environment Ministry estimated the value of natural resources to 844 billion or 60 of the country s GDP 112 2022 present See also Economic impact of the 2022 Russian invasion of Ukraine and 2022 Russian debt default In 2022 there have been heavy sanctions due to the Russian invasion of Ukraine that will likely result in steep recession 113 Since early 2022 many official economic statistics are not published 114 Sanctions also included asset freezes on the Russian Central Bank 115 which holds 630 billion in foreign exchange reserves 116 to prevent it from offsetting the impact of sanctions 117 According to most estimates every day of the war in Ukraine costs Russia 500 million to 1 billion 118 119 120 On 27 June 2022 Russia defaulted on part of its foreign currency its first such default since 1918 121 In November 2022 it was reported that Russia had officially entered a recession as the Federal State Statistics Service had reported a national GDP loss for the second consecutive quarter 122 As part of the sanctions imposed on Russia on 2 September 2022 the finance ministers of the G7 group agreed to cap the price of Russian oil and petroleum products designed to allow Russia to maintain production but limiting the revenue from oil sales 123 124 TASS reported poor results for the Russian economy for quarter 1 2023 with revenues of 5 7 trillion rubles down 21 mainly due to falling oil revenues expenditure 8 1 trillion rubles up 34 mainly due to increased military costs creating a deficit 2 4 trillion rubles 29 4 billion 125 Gross domestic product PPP per capita in April 2022 Unemployment rate of Russia since the fall of the Soviet Union Russian inflation rate 2012 2022DataThe following table shows the main economic indicators in 1980 2021 with IMF staff estimates in 2022 2026 Inflation below 5 is in green 126 Year GDP in Bil US PPP GDP per capita in US PPP GDP in Bil US nominal GDP per capita in US nominal GDP growth real Inflation rate in Percent Unemployment in Percent Government debt in of GDP 1992 1 602 6 10 805 2 71 6 482 8 n a n a 5 2 n a1993 1 497 9 10 091 3 196 2 1 322 0 8 7 874 3 5 9 n a1994 1 335 6 8 999 0 293 8 1 979 4 12 7 307 5 8 1 n a1995 1 307 7 8 818 3 335 8 2 264 3 4 1 197 3 8 3 n a1996 1 283 6 8 668 4 412 7 2 787 0 3 6 47 8 9 3 n a1997 1 323 7 8 958 2 433 7 2 935 0 1 4 14 8 10 8 51 5 1998 1 267 1 8 588 1 287 7 1 949 8 5 3 27 7 11 9 135 2 1999 1 366 5 9 303 2 209 7 1 427 3 6 4 85 7 13 0 92 4 2000 1 537 9 10 511 7 278 3 1 902 0 10 0 20 8 10 6 55 9 2001 1 652 6 11 346 4 328 5 2 255 3 5 1 21 5 8 9 44 4 2002 1 758 0 12 127 0 370 1 2 552 8 4 7 15 8 8 0 37 6 2003 1 924 4 13 333 1 461 5 3 197 6 7 3 13 7 8 2 28 3 2004 2 117 9 14 727 8 633 3 4 404 0 7 2 10 9 7 7 20 8 2005 2 323 6 16 221 8 817 7 5 708 8 6 4 12 7 7 2 14 9 2006 2 590 6 18 133 2 1 060 9 7 426 0 8 2 9 7 7 1 9 8 2007 2 887 6 20 229 0 1 393 4 9 761 4 8 5 9 0 6 0 8 0 2008 3 097 5 21 700 5 1 779 1 12 464 2 5 2 14 1 6 2 7 4 2009 2 873 5 20 117 9 1 307 9 9 157 0 7 8 11 6 8 2 9 9 2010 3 039 0 21 271 9 1 633 1 11 431 1 4 5 6 8 7 4 10 1 2011 3 259 3 22 783 5 2 046 6 14 306 4 5 1 8 4 6 5 10 3 2012 3 480 3 24 278 8 2 191 5 15 288 0 4 0 5 1 5 5 11 2 2013 3 741 8 26 044 8 2 288 4 15 928 7 1 8 6 8 5 5 12 3 2014 3 763 5 25 730 6 2 048 8 14 007 5 0 7 7 8 5 2 15 1 2015 3 526 2 24 062 5 1 356 7 9 257 9 2 0 15 5 5 6 15 3 2016 3 538 6 24 104 1 1 280 6 8 723 5 0 2 7 0 5 5 14 8 2017 3 818 8 25 999 3 1 575 1 10 724 0 1 8 3 7 5 2 14 3 2018 4 019 8 27 386 2 1 653 0 11 261 7 2 8 2 9 4 8 13 6 2019 4 181 6 28 495 0 1 695 7 11 555 3 2 2 4 5 4 6 13 7 2020 4 119 3 28 181 2 1 484 4 10 155 3 2 7 3 4 5 8 19 2 2021 4 494 2 30 875 8 1 778 5 12 218 7 4 7 6 7 4 8 17 0 2022 4 649 7 31 967 0 2 133 1 14 665 2 3 4 13 8 4 0 16 2 2023 4 705 6 32 390 6 2 136 2 14 704 7 2 3 5 0 4 3 16 9 2024 4 876 4 33 619 3 2 146 7 14 800 1 1 5 4 0 4 4 16 4 2025 5 016 6 34 650 0 2 159 1 14 912 9 1 0 4 0 4 4 15 3 2026 5 153 1 35 665 5 2 195 2 15 193 6 0 8 4 0 4 5 13 9 2027 5 289 5 36 685 6 2 235 8 15 506 5 0 7 4 0 4 6 12 5 Income inequalityIn Russia areas where income is higher have increased air pollution However while income may have been higher in these regions a greater disparity in income inequality was found It was discovered that greater income inequality within a region is associated with more pollution implying that it is not only the level of income that matters but also its distribution 127 In Russia areas lacking in hospital beds suffer from greater air pollution than areas with higher numbers of beds per capita which implies that the poor or inadequate distribution of public services also may add to the environmental inequality of that region 127 Public policyFiscal policy See also Federal budget of Russia Russia was expected to have a Government Budget deficit of 21 billion in 2016 128 The budget deficit narrowed to 0 6 of GDP in 2017 from 2 8 in 2016 129 National wealth fund and debt See also Russian National Wealth Fund On 1 January 2004 the Government of Russia established the Stabilization fund of the Russian Federation as part of the federal budget to balance it if price of oil falls On 1 February 2008 the Stabilization fund was divided into two parts The first is a reserve fund equal to 10 of GDP 10 of GDP equals to about 200 billion now and was to be invested in a similar way as the Stabilization Fund The second is the National Prosperity Fund of the Russian Federation Deputy Finance Minister Sergei Storchak estimated it would reach 600 700 billion rubles by 1 February 2008 The National Prosperity Fund is to be invested in more risky instruments including the shares of foreign companies 130 needs update Russia has one of the lowest foreign debts among major economies 131 Corruption Corruption Perceptions Index by Transparency International 2019 Russia was the lowest rated European country in Transparency International s Corruption Perceptions Index for 2020 ranking 129th out of 180 countries 132 Corruption is perceived as a significant problem in Russia 133 impacting various aspects of life including the economy 134 business 135 public administration 136 137 law enforcement 138 healthcare 139 and education 140 The phenomenon of corruption is strongly established in the historical model of public governance in Russia and attributed to general weakness of rule of law in Russia 141 As of 2020 the percentage of business owners who distrust law enforcement agencies rose to 70 from 45 in 2017 75 don t believe in impartiality of courts and 79 do not believe that legal institutions protect them from abuse of law such as racketeering or arrest on dubious grounds 142 Sectors A proportional representation of Russia exports 2019 Primary Energy Main article Energy in Russia See also List of countries by natural gas proven reserves List of countries by natural gas exports List of countries by oil exports and Russia in the European energy sector Russia is a key oil and gas supplier to much of Europe Rosneft headquarters on the bank of the Moskva River Moscow The mineral packed Ural Mountains and the vast fossil fuel oil gas coal and timber reserves of Siberia and the Russian Far East make Russia rich in natural resources which dominate Russian exports Oil and gas exports specifically continue to be the main source of hard currency Russia has been widely described as an energy superpower 34 as it has the world s largest natural gas reserves 35 the second largest coal reserves 36 the eighth largest oil reserves 37 and the largest oil shale reserves in Europe 38 It is the world s leading natural gas exporter 39 the second largest natural gas producer 40 and the second largest oil exporter 41 and producer 42 Fossil fuels cause most of the greenhouse gas emissions by Russia 143 The country is the world s fourth largest electricity producer 144 and the ninth largest renewable energy producer in 2019 145 Russia was also the world s first country to develop civilian nuclear power and to construct the world s first nuclear power plant 146 In 2019 It was the world s fourth largest nuclear energy producer 147 Mining Main articles Mining industry of Russia and Metallurgy of Russia Russia is also a leading producer and exporter of minerals and gold Russia is the largest diamond producing nation in the world estimated to produce over 33 million carats in 2013 or 25 of global output valued at over 3 4 billion with state owned ALROSA accounting for approximately 95 of all Russian production 148 In 2019 the country was the 3rd world producer of gold 149 2nd worldwide producer of platinum 150 4th worldwide producer of silver 151 9th largest world producer of copper 152 3rd largest world producer of nickel 153 6th largest world producer of lead 154 9th largest world producer of bauxite 155 10th largest world producer of zinc 156 2nd worldwide producer of vanadium 157 2nd largest world producer of cobalt 158 5th largest world producer of iron ore 159 7th largest world producer of boron 160 9th largest world producer of molybdenum 161 13th largest world producer of tin 162 3rd largest world producer of sulfur 163 4th largest world producer of phosphate 164 8th largest world producer of gypsum 165 in addition to being the world s 10th largest producer of salt 166 It was the world s 6th largest producer of uranium in 2018 167 Agriculture Main articles Agriculture in Russia and Fishing industry in Russia A combine harvester in Rostov Oblast Russia s agriculture sector contributes about 5 of the country s total GDP although the sector employs about one eighth of the total labour force 168 It has the world s third largest cultivated area at 1 265 267 square kilometres 488 522 sq mi However due to the harshness of its environment about 13 1 of its land is agricultural 1 and only 7 4 of its land is arable 169 The main product of Russian farming has always been grain which occupies considerably more than half of the cropland 168 Russia is the world s largest exporter of wheat 170 and is the largest producer of barley 171 buckwheat oats 172 and rye 173 and the second largest producer of sunflower seed 174 Various analysts of climate change adaptation foresee large opportunities for Russian agriculture during the rest of the 21st century as arability increases in Siberia which would lead to both internal and external migration to the region 175 More than one third of the sown area is devoted to fodder crops and the remaining farmland is devoted to industrial crops vegetables and fruits 168 Owing to its large coastline along three oceans Russia maintains one of the world s largest fishing fleets ranking sixth in the world in tonnage of fish caught capturing 4 773 413 tons of fish in 2018 176 It is also home to the world s finest caviar the beluga and produces about one third of all canned fish and some one fourth of the world s total fresh and frozen fish 168 Industry Russia s industrial growth per year 1992 2010 Defence industry Main articles Defence industry of Russia and Science and technology in Russia President Vladimir Putin meeting with workers of Kalashnikov Concern 2016 A view of T 14 Armata tank The defence industry of Russia is a strategically important sector and a large employer in the country Russia has a large and sophisticated arms industry capable of designing and manufacturing high tech military equipment including a fifth generation fighter jet nuclear powered submarines firearms and short range long range ballistic missiles It is the world s second largest exporter of arms behind only the United States 1 Aerospace The Sukhoi Superjet 100 is one of Russia s most recent civilian aviation products The regional passenger plane was ordered around 280 times for various airlines and leasing companies as of 2018 Main articles Aircraft industry of Russia and Space industry of Russia Aircraft manufacturing is an important industry sector in Russia employing around 355 300 people The Russian aircraft industry offers a portfolio of internationally competitive military aircraft such as MiG 29 and Su 30 while new projects such as the Sukhoi Superjet 100 are hoped to revive the fortunes of the civilian aircraft segment In 2009 companies belonging to the United Aircraft Corporation delivered 95 new fixed wing aircraft to its customers including 15 civilian models In addition the industry produced over 141 helicopters It is one of the most science intensive hi tech sectors and employs the largest number of skilled personnel The production and value of the military aircraft branch far outstrips other defence industry sectors and aircraft products make up more than half of the country s arms exports 177 The Space industry of Russia consists of over 100 companies and employs 250 000 people 178 Automotive industry Main article Automotive industry in Russia Lada is a brand of AvtoVAZ the largest Russian car manufacturer in the Russian automotive industry Aurus Senat a recent armoured limousine project by NAMI Automotive production is a significant industry in Russia directly employing around 600 000 people or 1 of the country s total workforce Russia produced 1 767 674 vehicles in 2018 ranking 13th among car producing nations in 2018 and accounting for 1 8 of the worldwide production 179 The main local brands are light vehicle producers AvtoVAZ and GAZ while KamAZ is the leading heavy vehicle producer Eleven foreign carmakers have production operations or are constructing their plants in Russia Electronics Russia is experiencing a regrowth of microelectronics with the revival of JCS Mikron 180 181 Services Retail As of 2013 Russians spent 60 of their pre tax income on shopping the highest percentage in Europe This is possible because many Russians pay no rent or house payments owning their own home after privatization of state owned Soviet housing Shopping malls were popular with international investors and shoppers from the emerging middle class Eighty two malls had been built near major cities including a few that were very large A supermarket selling groceries is a typical anchor store in a Russian mall 182 Retail sales in Russia 183 Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022Total retail sales RUB trillions 14 60 16 49 19 08 21 3 23 7 26 4 27 6 29 75 27 88 31 58 33 62 33 56 39 47 42 51Telecommunications Main article Telecommunications in Russia Russia s telecommunications industry is growing in size and maturity As of December 2007 there were an estimated 4 900 000 broadband lines in Russia 184 In 2006 there were more than 300 BWA operator networks accounting for 5 of market share with dial up accounting for 30 and Broadband Fixed Access accounting for the remaining 65 185 In December 2006 Tom Phillips chief government and regulatory affairs officer of the GSM Association stated Russia has already achieved more than 100 mobile penetration thanks to the huge popularity of wireless communications among Russians and the government s good work in fostering a market driven mobile sector based on strong competition 186 dd The financial crisis which had already hit the country at the end of 2008 caused a sharp reduction of the investments by the business sectors and a notable reduction of IT budget made by government in 2008 2009 As a consequence in 2009 the IT market in Russia declined by more than 20 in ruble terms and by one third in euro terms Among the particular segments the biggest share of the Russian IT market still belongs to hardware 187 Key data on the telecommunications market in Russia 185 Year 2004 2005 2006 2007 2008 2009 2010 2011 est Telecommunications market value bn 12 9 16 0 20 9 25 0 27 5 24 4 28 5 30 6Telecommunications market growth rate 32 0 23 5 30 6 20 2 10 0 11 4 17 1 7 3Transportation Main articles Transport in Russia and Russian Railways The Trans Siberian Railway the longest railway line in the world as seen across the coast of Lake Baikal The Russky Bridge in Vladivostok is the longest cable stayed bridge in the world Railway transport in Russia is mostly under the control of the state run Russian Railways 188 The total length of common used railway tracks is the world s third longest and exceeds 87 157 km 54 157 mi 189 As of 2016 update Russia has 1 452 2 thousand km of roads 190 and its road density is among the world s lowest 191 Russia s inland waterways are the world s second longest and total 102 000 km 63 380 mi 192 Among Russia s 1 218 airports 193 the busiest is Sheremetyevo International Airport in Moscow 194 Russia s largest post is the Port of Novorossiysk in Krasnodar Krai along the Black Sea 195 It is the world s sole country to operate nuclear powered icebreakers which advance the economic exploitation of the Arctic continental shelf of Russia and the development of sea trade through the Northern Sea Route 196 Construction The Port of Novorossiysk In 2009 the Russian construction industry survived its most difficult year in more than a decade The 0 8 reduction recorded by the industry for the first three quarters of 2010 looked remarkably healthy in comparison with the 18 4 slump recorded the previous year and construction firms became much more optimistic about the future than in previous months The most successful construction firms concluded contracts worth billions of dollars and planned to take on employees and purchase new building machinery The downturn served to emphasise the importance of the government to the construction market 197 Insurance According to the Central Bank of Russia 422 insurance companies operate on the Russian insurance market by the end of 2013 The concentration of insurance business is significant across all major segments except compulsory motor third party liability market CMTPL ru as the top 10 companies in 2013 charged 58 1 premiums in total without compulsory health insurance CHI 198 Russian insurance market in 2013 demonstrated quite significant rate of growth in operations Total amount of premiums charged without CHI in 2013 is RUB 904 9 bln increase on 11 8 compared to 2012 total amount of claims paid is RUB 420 8 bln increase on 13 9 compared to 2012 Premiums to GDP ratio total without CHI in 2013 increased to 1 36 compared to 1 31 a year before The share of premiums in household spending increased to 1 39 Level of claims paid on the market total without CHI is 46 5 an insufficient increase compared to 2012 The number of policies in 2013 increased on 0 1 compared to 2012 to 139 6 mln policies Although relative indicators of the Russian insurance market returned to pre crisis levels the progress is achieved mainly by the increase of life insurance and accident insurance the input of these two market segments in premium growth in 2013 largely exceeds their share on the market As before life insurance and accident insurance are often used by banks as an appendix to a credit contract protecting creditors from the risk of credit default in case of borrower s death or disability The rise of these lines is connected evidently with the increase in consumer loans as the total sum of credit obligations of population in 2013 increased by 28 to RUB 9 9 trillion At the same time premium to GDP ratio net of life and accident insurance remained at the same level of 1 1 as in 2012 Thus if banking lines of business are excluded Russian insurance market is in stagnation stage for the last four years as premiums to GDP ratio net of life and accident insurance remains at the same level of 1 1 since 2010 199 Information technology Main article Information technology in Russia Russia has more academic graduates than any other country in Europe And world leader in percentage of population with associate degree or higher 54 compared to 31 in UK 200 The IT market is one of the most dynamic sectors of the Russian economy Russian software exports have risen from just 120 million in 2000 to 3 3 billion in 2010 201 Since the year 2000 the IT market has started growth rates of 30 40 a year growing by 54 in 2006 alone The biggest sector in terms of revenue is system and network integration which accounts for 28 3 of the total market revenues 202 Meanwhile the fastest growing segment of the IT market is offshore programming Interior of the Beriev Scientific and Technical Complex in Taganrog The government has launched a program promoting construction of IT oriented technology parks Technoparks special zones that have an established infrastructure and enjoy a favorable tax and customs regime in seven different places around the country Moscow Novosibirsk Nizhny Novgorod Kaluga Tumen Republic of Tatarstan and St Peterburg Regions 201 Under a government decree signed in June 2013 a special roadmap is expected to ease business suppliers access to the procurement programs of state owned infrastructure monopolies including such large ones as Gazprom Rosneft Russian Railways Rosatom and Transneft These companies will be expected to increase the proportion of domestic technology solutions they use in their operations The decree puts special emphasis on purchases of innovation products and technologies According to the new decree by 2015 government connected companies must double their purchases of Russian technology solutions compared to the 2013 level and their purchasing levels must quadruple by 2018 203 Russia is one of the few countries in the world with a home grown internet search engine who owns a relevant marketshare as the Russian based search engine Yandex is used by 53 8 of internet users in the country 204 205 206 Known Russian IT companies are ABBYY FineReader OCR system and Lingvo dictionaries Kaspersky Lab Kaspersky Anti Virus Kaspersky Internet Security Mail Ru portal search engine mail service Mail ru Agent messenger ICQ Odnoklassniki social network online media sources Tourism Main article Tourism in Russia Peterhof Palace in Saint Petersburg a UNESCO World Heritage Site According to a UNWTO report Russia is the sixteenth most visited country in the world and the tenth most visited country in Europe as of 2018 with 24 6 million visits 207 Russia is ranked 39th in the Travel and Tourism Competitiveness Report 2019 208 According to Federal Agency for Tourism the number of inbound trips of foreign citizens to Russia amounted to 24 4 million in 2019 209 Russia s international tourism receipts in 2018 amounted to 11 6 billion 207 In 2020 tourism accounted for about 4 of country s GDP 210 Major tourist routes in Russia include a journey around the Golden Ring theme route of ancient cities cruises on the big rivers like the Volga and journeys on the famous Trans Siberian Railway 211 Russia s most visited and popular landmarks include Red Square the Peterhof Palace the Kazan Kremlin the Trinity Lavra of St Sergius and Lake Baikal 212 External trade and investment Zapolyarnoye gas field Novolipetsk Steel operated steel plant in Lipetsk Port of Saint Petersburg Magnitogorsk Iron and Steel Works Trade This section needs additional citations for verification Please help improve this article by adding citations to reliable sources in this section Unsourced material may be challenged and removed January 2017 Learn how and when to remove this template message Russia recorded a trade surplus of US 15 8 billion in 2013 213 Balance of trade in Russia is reported by the Central Bank of Russia Historically from 1997 until 2013 Russia balance of trade averaged US 8338 23 million reaching an all time high of US 20647 million in December 2011 and a record low of 185 USD million in February 1998 Russia runs regular trade surpluses primarily due to exports of commodities In 2015 Russia main exports are oil and natural gas 62 8 of total exports ores and metals 5 9 chemical products 5 8 machinery and transport equipment 5 4 and food 4 7 Others include agricultural raw materials 2 2 and textiles 0 2 214 Russia imports food ground transports pharmaceuticals and textile and footwear Main trading partners are China 7 of total exports and 10 of imports Germany 7 of exports and 8 of imports and Italy This page includes a chart with historical data for Russia balance of trade Exports in Russia decreased to US 39038 million in January 2013 from US 48568 million in December 2012 Exports in Russia is reported by the Central Bank of Russia Historically from 1994 until 2013 Russia Exports averaged US 18668 83 million reaching an all time high of US 51338 million in December 2011 and a record low of US 4087 million in January 1994 Russia is the 16th largest export economy in the world 2016 215 and is a leading exporter of oil and natural gas In Russia services are the biggest sector of the economy and account for 58 of GDP Within services the most important segments are wholesale and retail trade repair of motor vehicles motorcycles and personal and household goods 17 of total GDP public administration health and education 12 real estate 9 and transport storage and communications 7 Industry contributes 40 to total output Mining 11 of GDP manufacturing 13 and construction 4 are the most important industry segments Agriculture accounts for the remaining 2 This page includes a chart with historical data for Russia Exports Imports in Russia decreased to US 21296 million in January 2013 from US 31436 million in December 2012 Imports in Russia is reported by the Central Bank of Russia Historically from 1994 until 2013 Russia imports averaged US 11392 06 million reaching an all time high of US 31553 million in October 2012 and a record low of US 2691 million in January 1999 Russia main imports are food 13 of total imports and ground transports 12 Others include pharmaceuticals textile and footwear plastics and optical instruments Main import partners are China 10 of total imports and Germany 8 Others include Italy France Japan and United States This page includes a chart with historical data for Russia Imports Foreign trade of Russia Russian export and import 216 Year 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019Export US Billions 241 302 352 468 302 397 517 525 527 498 344 302 379 451 427Import US Billions 99 138 200 267 171 229 306 316 315 287 183 207 260 240 247Top Trading Partners for Russia for 2015 216 Imports into Russia 2015Ranking Country Value USD World 182 782MM 100 0 1 China 35 199MM 19 3 2 Germany 18 992MM 10 4 3 United States 11 490MM 6 3 4 Belarus 7 989MM 4 4 5 Italy 7 928MM 4 3 6 Japan 6 819MM 3 7 7 Ukraine 5 643MM 3 1 8 France 5 563MM 3 0 9 South Korea 4 532MM 2 5 10 Kazakhstan 4 275MM 2 3 Exports from Russia for 2015Ranking Country Value USD World 343 908MM 100 0 1 Netherlands 40 198MM 11 7 2 China 28 335MM 8 2 3 Italy 16 204MM 4 7 4 Germany 15 906MM 4 6 5 Japan 14 426MM 4 2 6 South Korea 13 196MM 3 8 7 Belarus 12 428MM 3 6 8 Turkey 11 703MM 3 4 9 Kazakhstan 10 302MM 3 0 10 Poland 9 513MM 2 8 Foreign trade rose 34 to 151 5 billion in the first half of 2005 mainly due to the increase in oil and gas prices which now form 64 of all exports by value Trade with CIS countries is up 13 2 to 23 3 billion Trade with the EU forms 52 9 with the CIS 15 4 Eurasian Economic Community 7 8 and Asia Pacific Economic Community 15 9 citation needed GRP per capita 2016 US dollars 50 000 and over 30 000 50 000 9 750 Russian average 20 000 7 500 9 750 5 000 7 500 under 3 000Mergers and acquisitionsBetween 1985 and 2018 almost 28 500 mergers or acquisitions have been announced in Russia This cumulates to an overall value of around 984 bil USD which translates to 5 456 bil RUB In terms of value 2007 has been the most active year with 158 bil USD whereas the number of deals peaked in 2010 with 3 684 964 compared to the value record year 2007 Since 2010 value and numbers have decreased constantly and another wave of M amp A is expected 217 The majority of deals in into or out of Russia have taken place in the financial sector 29 followed by banks 8 6 oil and gas 7 8 and Metals and Mining 7 2 Here is a list of the top deals with Russian companies participating ranked by deal value in mil USD Date Announced Acquiror Name Acquiror Mid Industry Acquiror Nation Target Name Target Mid Industry Target Nation Value of Transaction mil 10 22 2012 Rosneft Oil Co Oil amp Gas Russian Fed TNK BP Ltd Oil amp Gas Russian Fed 27854 1207 24 2012 Rosneft Oil Co Oil amp Gas Russian Fed TNK BP Ltd Oil amp Gas Russian Fed 26061 1504 22 2003 Yukosneftegaz Oil amp Gas Russian Fed Sibirskaia Neftianaia Co Oil amp Gas Russian Fed 13615 2309 28 2005 Gazprom Oil amp Gas Russian Fed Sibneft Oil amp Gas Russian Fed 13101 0804 13 2005 Shareholders Other Financials Russian Fed Polyus Metals amp Mining Russian Fed 12867 3912 16 2010 MMC Norilsk Nickel PJSC Metals amp Mining Russian Fed MMC Norilsk Nickel PJSC Metals amp Mining Russian Fed 1280007 27 2007 Shareholders Other Financials Russian Fed HydroOGK Power Russian Fed 12381 8312 10 2016 QHG Shares Pte Ltd Other Financials Singapore Rosneft Oil Co Oil amp Gas Russian Fed06 30 2010 KazakhGold Group Ltd Metals amp Mining Kazakhstan Polyus Zoloto Metals amp Mining Russian Fed 10261 3308 05 2008 Vladimir Potanin Other Financials Russian Fed MMC Norilsk Nickel PJSC Metals amp Mining Russian Fed 10021 11The majority of the top 10 deals are within the Russian Oil and Gas sector followed by Metals and Mining See also Russia portal Business and economics portalCommonwealth of Independent States History of post Soviet Russia List of companies of Russia List of Russian federal districts by GDP Monotown a town whose economy is dominated by a single industry or company The term is sometimes used regarding some towns in Russia Politics of Russia Taxation in Russia Types of legal entities in Russia Unitary enterprise a government owned corporation in Russia and some other post Soviet states List of federal subjects of Russia by GDP per capita List of Russian federal subjects by GRPReferences a b c Central Asia Russia CIA gov Central Intelligence Agency Retrieved 30 May 2019 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Ranking Of The World s Diamond Mines By Estimated 2013 Production Kitco 20 August 2013 USGS Gold Production Statistics PDF USGS Platinum Production Statistics PDF USGS Silver Production Statistics PDF USGS Copper Production Statistics PDF USGS Nickel Production Statistics PDF USGS Lead Production Statistics PDF USGS Bauxite Production Statistics PDF USGS Zinc Production Statistics PDF USGS Vanadinum Production Statistics PDF a, wikipedia, wiki, book, books, library,

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