Russia: Country Highlights

Russia: Economic profile

Russia has undergone significant changes since the collapse of the Soviet Union, moving from a globally-isolated, centrally-planned economy towards a more market-based and globally-integrated economy, but stalling as a partially reformed, statist economy with a high concentration of wealth in officials’ hands. Economic reforms in the 1990s privatized most industry, with notable exceptions in the energy and defense-related sectors. The protection of property rights is still weak and the private sector remains subject to heavy state interference. Russia is one of the world’s leading producers of oil and natural gas and is also a top exporter of metals such as steel and primary aluminum. Russia’s manufacturing sector is generally uncompetitive on world markets and is geared toward domestic consumption. Russia’s reliance on commodity exports makes it vulnerable to boom and bust cycles that follow the volatile swings in global prices. The economy, which had averaged 7% growth during 1998-2008 as oil prices rose rapidly, was one of the hardest hit by the 2008-09 global economic crisis as oil prices plummeted and the foreign credits that Russian banks and firms relied on dried up. Slowly declining oil prices over the past few years and difficulty attracting foreign direct investment have contributed to a noticeable slowdown in GDP growth rates. In late 2013, the Russian Economic Development Ministry reduced its growth forecast through 2030 to an average of only 2.5% per year, down from its previous forecast of 4.0 to 4.2%. In 2014, following Russia’s military intervention in Ukraine, prospects for economic growth declined further, with expections that GDP growth could drop as low as zero.
GDP (purchasing power parity):
$2.553 trillion (2013 est.)

country comparison to the world: 7

$2.52 trillion (2012 est.)

$2.437 trillion (2011 est.)

note: data are in 2013 US dollars

GDP (official exchange rate):
$2.113 trillion (2013 est.)
GDP – real growth rate:
1.3% (2013 est.)

country comparison to the world: 165

3.4% (2012 est.)

4.3% (2011 est.)

GDP – per capita (PPP):
$18,100 (2013 est.)

country comparison to the world: 77

$17,800 (2012 est.)

$17,100 (2011 est.)

note: data are in 2013 US dollars

Gross national saving:
28.3% of GDP (2013 est.)

country comparison to the world: 33

29.5% of GDP (2012 est.)

30.6% of GDP (2011 est.)

Industries:
complete range of mining and extractive industries producing coal, oil, gas, chemicals, and metals; all forms of machine building from rolling mills to high-performance aircraft and space vehicles; defense industries (including radar, missile production, 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
Current account balance:
$74.8 billion (2012 est.)

country comparison to the world: 4

$71.43 billion (2012 est.)

Exports:
$515 billion (2013 est.)

country comparison to the world: 10

$528 billion (2012 est.)

Exports – commodities:
petroleum and petroleum products, natural gas, metals, wood and wood products, chemicals, and a wide variety of civilian and military manufactures
Exports – partners:
Netherlands 14.6%, China 6.8%, Germany 6.8%, Italy 6.2%, Turkey 5.2%, Ukraine 5.2%, Belarus 4.7% (2012 est.)
Imports:
$341 billion (2013 est.)

country comparison to the world: 17

$335.7 billion (2012 est.)

Imports – commodities:
machinery, vehicles, pharmaceutical products, plastic, semi-finished metal products, meat, fruits and nuts, optical and medical instruments, iron, steel
Imports – partners:
China 16.6%, Germany 12.2%, Ukraine 5.7%, Japan 5%, United States 4.9%, France 4.4%, Italy 4.3% (2012 est.)
Reserves of foreign exchange and gold:
$515.6 billion (01 December 2013 est.)

country comparison to the world: 6

$537.6 billion (31 December 2012 est.)

Debt – external:
$714.2 billion (30 September 2013 est.)

country comparison to the world: 22

$636.4 billion (31 December 2012 est.)

Stock of direct foreign investment – at home:
$552.8 billion (31 December 2013 est.)

country comparison to the world: 16

$497.8 billion (31 December 2012 est.)

Stock of direct foreign investment – abroad:
$439.2 billion (31 December 2013 est.)

country comparison to the world: 17

$387.2 billion (31 December 2012 est.)

Exchange rates:
Russian rubles (RUB) per US dollar –

31.82 (2013 est.)

30.84 (2012 est.)

30.368 (2010 est.)

31.74 (2009)

24.853 (2008)