Page semi-protected

Economy of Russia

  (Redirected from Real estate in Russia)
Jump to navigation Jump to search

Economy of Russia
Business Centre of Moscow 2.jpg
The MIBC, in the financial capital of Russia, Moscow
CurrencyRussian ruble (RUB, )
calendar year[1]
Trade organizations
WTO, BRICS, GECF, CIS, APEC, EAEU, G-20 and others
Country group
PopulationSteady 146,749,000 (2020)[4]
  • Increase $1.71 trillion (nominal, 2021 est.)[5]
  • Increase $4.32 trillion (PPP, 2021 est.)[5]
GDP rank
GDP growth
  • 2.5% (2018) 1.3% (2019)
  • −3.0% (2020) 4.1% (2021e)[6][note 1]
GDP per capita
  • Increase $11,654 (nominal, 2021 est.)[5]
  • Increase $29,485 (PPP, 2021 est.)[5]
GDP per capita rank
GDP by sector
3.2% (2020 est.)[5]
Population below poverty line
  • Positive decrease 12.9% (2018)[9]
  • Negative increase 2.2% on less than $5.50/day (2020f)[10]
Negative increase 37.5 medium (2018, World Bank)[11]
Labor force
  • Decrease 73,023,442 (2019)[14]
  • Increase 59.8% employment rate (2018)[15]
Labor force by occupation
Average gross salary
RUB 46,057 / €497 / $584 monthly (September 2019)
RUB 40,070 / €433 / $509 monthly (September 2019)
Main industries
Increase 28th (very easy, 2020)[18]
ExportsIncrease $353 billion (2017 est.)[1]
Export goods
Petroleum and petroleum products, natural gas, metals, wood and wood products, chemicals, and a wide variety of civilian and military manufactures
Main export partners
ImportsIncrease $238 billion (2017 est.)[1]
Import goods
Machinery, vehicles, pharmaceutical products, plastic, semi-finished metal products, meat, fruits and nuts, optical and medical instruments, iron, steel
Main import partners
FDI stock
  • Increase $535.2 billion (31 December 2017 est.)[1]
  • Increase Abroad: $470.9 billion (31 December 2017 est.)[1]
Increase $35.44 billion (2017 est.)[1]
Negative increase $539.6 billion (31 December 2017 est.)[1]
Public finances
10.6% of GDP (2017)[20]
−1.4% (of GDP) (2017 est.)[1]
Revenues258.6 billion (2017 est.)[1]
Expenses281.4 billion (2017 est.)[1]
Foreign reserves
Increase $604.8 billion (11 June 2021)[26] (5th)
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.

The economy of Russia is an upper-middle income mixed and transition economy,[27] with enormous natural resources, particularly oil and natural gas. It is the fifth-largest economy in Europe, the world's eleventh-largest economy by nominal GDP and the sixth-largest by PPP.

Russia's vast geography is an important determinant of its economic activity, with some sources estimating that Russia contains over 30 percent of the world's natural resources.[28][29][30] The World Bank estimates the total value of Russia's natural resources at $75 trillion US dollars.[31][32] Energy revenues account for more than 80% of Russian exports abroad.[33] In 2016, the oil-and-gas sector accounted for 36% of federal budget revenues.[34] Russia is considered an energy superpower.[35] It has the world's largest proven natural gas reserves and is the largest exporter of natural gas. It is also the second-largest exporter of petroleum. 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. As of 2019, Russia is the third-biggest exporter of arms in the world, behind only to the United States and China.[36]

The economic development of the country has been uneven geographically; with the country's capital Moscow contributing a very large share of the country's GDP.[37] Credit Suisse has described Russian wealth inequality as so extreme compared to other countries that it "deserves to be placed in a separate category."[38][39]

Economic history

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 from over-investment in manufacturing and agriculture to market services and mining, especially oil and gas. 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.[40]

Soviet economy

Industrialization under Stalin

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.[41] By the 1970s the Soviet Union entered the 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)

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.[42][43][44] 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.[45][46] This was accompanied by a drop in the standard of living, including surging economic inequality and poverty,[47] along with increased excess mortality[48][49] and a decline in life expectancy.[50]

The majority of state enterprises were privatized amid great controversy and subsequently came to be owned by insiders[51] for far less than they were worth.[43] 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.[52] Many of them promptly invested their newfound wealth abroad, producing an enormous capital flight.[53]

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 totaling $20 billion. The IMF was the subject of criticism 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".[54][55]

Recovery and growth (1999–2008)

Oil prices in the 2000s

Russia bounced back from the August 1998 financial crash with surprising speed. Much of the reason for the recovery was the devaluation of the ruble, which made domestic producers more competitive nationally and internationally.

Between 2000 and 2002, there was a significant amount of pro-growth economic reforms including a comprehensive tax reform, which introduced a flat income tax of 13%; and a broad effort at deregulation which improved the situation for small and medium-sized enterprises.[56]

Between 2000 and 2008, Russian economy got a major boost from rising commodity prices. GDP grew on average 7% per year.[45] Disposable incomes more than doubled and in dollar-denominated terms increased eightfold.[57] The volume of consumer credit between 2000–2006 increased 45 times, fuelling a boom in private consumption.[58][59] The number of people living below poverty line declined from 30% in 2000 to 14% in 2008.[60][61]

Inflation remained a problem however, as the central bank aggressively expanded money supply to combat appreciation of the ruble.[62] Nevertheless, in 2007 the World Bank declared that the Russian economy achieved "unprecedented macroeconomic stability".[63] Until October 2007, Russia maintained impressive fiscal discipline with budget surpluses every year from 2000.[56]


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.[64][65][66] A sharp, but brief recession in Russia was followed by a strong recovery beginning in late 2009.[45]

After eighteen years of negotiations, Russia's membership to the WTO was accepted in 2011.[67] In 2013, Russia was labeled a high-income economy by the World Bank.[68]

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.[69] In 2012 oil, gas and petroleum products accounted for over 70% of total exports.[34] This economic model appeared to show its limits, when after years of strong performance, Russian economy expanded by a mere 1.3% in 2013.[45] Several reasons have been proposed to explain the slowdown, including prolonged recession in the EU, which is Russia's largest trading partner, stagnant oil prices, lack of spare industrial capacity and demographic problems.[70] Political turmoil in neighboring Ukraine added to the uncertainty and suppressed investment.


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 Donbass, the United States, the European Union, Canada and Japan imposed sanctions on Russia.[71] 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.[72] The Russian economy grew by a better than expected 0.6% in 2014.[73] Russia is rated one of the most unequal of the world’s major economies.[74]

Between 2000 and 2012 Russia's energy exports fueled a rapid growth in living standards, with real disposable income rising by 160%.[75] In dollar-denominated terms this amounted to a more than sevenfold increase in disposable incomes since 2000.[57] In the same period, unemployment and poverty more than halved and Russians' self-assessed life satisfaction also rose significantly.[76] This growth was a combined result of the 2000s commodities boom, high oil prices, as well as prudent economic and fiscal policies.[77] 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.[78][79] Russia also has the second-largest volume of illicit money outflows, having lost over $880 billion between 2002 and 2011 in this way.[80] Since 2008 Forbes has repeatedly named Moscow the "billionaire capital of the world".[81]

The Russian economy risked going into recession from early 2014, mainly due to falling oil prices, sanctions, and the subsequent capital flight.[82] While in 2014 GDP growth remained positive at 0.6%,[83] in 2015 the Russian economy shrunk by 3.7% and was expected to shrink further in 2016.[84] By 2016, the Russian economy rebounded with 0.3% GDP growth and is officially out of the recession. The growth continued in 2017, with an increase of 1.5%.[85][86]

In January 2016, the US company Bloomberg rated Russia's economy as the 12th most innovative in the world,[87] up from 14th in January 2015[88] and 18th in January 2014.[89] 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.[87]

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.[90]


The following table shows the main economic indicators in 1992–2018. Inflation under 5% is in green.[91]

Year GDP
(in bn. US$ PPP)
GDP per capita
(in US$ PPP)
GDP growth
Inflation rate
(in Percent)
(in Percent)
Government debt
(in % of GDP)
1992 1,703.0 11,482 n/a n/a 5,2 % n/a
1993 Decrease1,591.9 Decrease10,724 Decrease−8.7 % Negative increase874.6 % Negative increase5.9 % n/a
1994 Decrease1,419.3 Decrease9,563 Decrease−12.7 % Negative increase307.6 % Negative increase8.1 % n/a
1995 Decrease1,389.5 Decrease9,370 Decrease−4.1 % Negative increase197.5 % Negative increase9.4 % n/a
1996 Decrease1,363.8 Decrease9,210 Decrease−3.6 % Negative increase47.7 % Negative increase9.7 % n/a
1997 Increase1,406.3 Increase9,517 Increase1.4 % Negative increase14.8 % Negative increase11.8 % n/a
1998 Decrease1,345.6 Decrease9,130 Decrease−5.3 % Negative increase27.7 % Negative increase13.3 % n/a
1999 Increase1,452.9 Increase9,889 Increase6.4 % Negative increase85.7 % Positive decrease13.0 % 92.1 %
2000 Increase1,635.3 Increase11,170 Increase10.0 % Negative increase20.8 % Positive decrease10.6 % Positive decrease55.7 %
2001 Increase1,757.7 Increase12,054 Increase5.1 % Negative increase21.5 % Positive decrease9.0 % Positive decrease44.3 %
2002 Increase1,869.3 Increase12,875 Increase4.7 % Negative increase15.8 % Positive decrease8.0 % Positive decrease37.5 %
2003 Increase2,046.7 Increase14,156 Increase7.3 % Negative increase13.7 % Negative increase8.2 % Positive decrease28.3 %
2004 Increase2,253.9 Increase15,647 Increase7.2 % Negative increase10.9 % Positive decrease7.7 % Positive decrease20.8 %
2005 Increase2,474.8 Increase17,232 Increase6.4 % Negative increase12.7 % Positive decrease7.2 % Positive decrease14.8 %
2006 Increase2,758.8 Increase19,249 Increase8.2 % Negative increase9.7 % Positive decrease7.1 % Positive decrease14.8 %
2007 Increase3,073.9 Increase21,473 Increase8.5 % Negative increase9.0 % Positive decrease6.0 % Positive decrease8.0 %
2008 Increase3,298.7 Increase23,054 Increase5.2 % Negative increase14.1 % Negative increase6.2 % Positive decrease7.4 %
2009 Decrease3,063.8 Decrease21,411 Decrease−7.8 % Negative increase11.7 % Negative increase8.2 % Negative increase9.9 %
2010 Increase3,240.9 Increase22,639 Increase4.5 % Negative increase6.9 % Positive decrease7.4 % Negative increase10.9 %
2011 Increase3,475.4 Increase24,259 Increase5.0 % Negative increase8.4 % Positive decrease6.5 % Negative increase11.1 %
2012 Increase3,670.4 Increase25,592 Increase3.7 % Negative increase5.1 % Positive decrease5.5 % Negative increase11.9 %
2013 Increase3,798.0 Increase26,430 Increase1.8 % Negative increase6.8 % Steady5.5 % Negative increase13.1 %
2014 Increase3,895.4 Increase26,626 Increase0.7 % Negative increase7.8 % Positive decrease5.2 % Negative increase16.1 %
2015 Decrease3,845.1 Decrease26,247 Decrease−2.3 % Negative increase15.5 % Negative increase5.6 % Negative increase16.4 %
2016 Increase3,897.7 Increase26,551 Increase0.3 % Negative increase7.0 % Positive decrease5.5 % Positive decrease16.1 %
2017 Increase4,035.9 Increase27,474 Increase1.6 % Increase3.7 % Positive decrease5.2 % Positive decrease15.5 %
2018[92] Increase4,227.4 Increase28,797 Increase2.3 % Increase2.9 % Positive decrease4.8 % Positive decrease14.6 %

Public policy

Fiscal policy

Russia was expected to have a Government Budget deficit of $21 billion in 2016.[93] The budget deficit narrowed to 0.6% of GDP in 2017 from 2.8% in 2016.[94]

National wealth fund and debt

On 1 January 2004, the Government of Russia established the Stabilization fund of the Russian Federation as a part of the federal budget to balance it if oil price falls. On 1 February 2008 the Stabilization fund was divided into two parts. The first part 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 part is the National Prosperity Fund of 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 into more risky instruments, including the shares of foreign companies.[95][needs update]

Russia has one of the lowest foreign debts among major economies.[96]


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.[97] Corruption is perceived as a significant problem in Russia,[98] impacting various aspects of life, including the economy,[99] business,[100] public administration,[101][102] law enforcement,[103] healthcare,[104] and education.[105] 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.[106] 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.[107]


Export structure of Russia



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 frequently described as an energy superpower;[108] with the world's largest natural gas reserves,[109] the second-largest coal reserves,[110] the eighth-largest oil reserves,[111] and the largest oil shale reserves in Europe.[112] The country is the world's leading natural gas exporter,[113] the second-largest natural gas producer,[114] the second-largest oil exporter,[115] and the third-largest oil producer.[116] Fossil fuels cause most of the greenhouse gas emissions by Russia.[117] It is the fourth-largest electricity producer in the world,[118] and the ninth-largest renewable energy producer in 2019.[119] It was the first country to develop civilian nuclear power and to construct the world's first nuclear power plant. In 2019, the country was the fourth-largest nuclear energy producer in the world; nuclear generated 20% of the country's electricity.[120]


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.[121]

In 2019, the country was the 3rd world producer of gold;[122] 2nd worldwide producer of platinum;[123] 4th worldwide producer of silver;[124] 9th largest world producer of copper;[125] 3rd largest world producer of nickel;[126] 6th largest world producer of lead;[127] 9th largest world producer of bauxite;[128] 10th largest world producer of zinc;[129] 2nd worldwide producer of vanadium;[130] 2nd largest world producer of cobalt;[131] 5th largest world producer of iron ore;[132] 7th largest world producer of boron;[133] 9th largest world producer of molybdenum;[134] 13th largest world producer of tin;[135] 3rd largest world producer of sulfur;[136] 4th largest world producer of phosphate;[137] 8th largest world producer of gypsum;[138] in addition to being the world's 10th largest producer of salt. [139] It was the world's 6th largest producer of uranium in 2018. [140]


Russian caviar products

Russia has the fourth-largest cultivated area in the world, at 1,237,294 square kilometres (477,722 sq mi); possessing 7.4% of the world's total arable land.[141] It is the third-largest grain exporter;[142] and is the top producer of barley, buckwheat and oats, and one of the largest producers and exporters of rye, and sunflower seed. Since 2016, Russia is the largest exporter of wheat in the world.[143]

While large farms concentrate mainly on grain production and animal husbandry, while small private household plots produce most of the country's potatoes, vegetables and fruits.[144] Russia is the home to the finest caviar in the world;[145] and 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.[146]


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

Defense industry

President Vladimir Putin meeting with workers of Kalashnikov Concern (2016)
A view of T-14 Armata tank

The defense industry of Russia is a strategically important sector and a large employer in the country. Russia has a large and fully indigenous arms industry, producing most of its own military equipment. In 2019, Russia was the world's third-biggest exporter of arms, behind only the United States and China.[147]


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

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 defense industry sectors, and aircraft products make up more than half of the country's arms exports.[148]

Space industry of Russia consists of over 100 companies and employs 250,000 people.[149] The largest company of the industry is RKK Energia, the main manned space flight contractor. Leading launch vehicle producers are Khrunichev and TsSKB Progress. Largest satellite developer is Reshetnev Information Satellite Systems, while NPO Lavochkin is the main developer of interplanetary probes.[citation needed]

Automotive industry

Lada is a brand of AvtoVAZ, the largest Russian car manufacturer in the Russian automotive industry.
Aurus Senat, a recent armored 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.[150] 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.


Russia is experiencing a regrowth of microelectronics, with the revival of JCS Mikron.[151][152]



As of 2013, Russians spent 60% of their pre-tax income 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.[153]

Retail sales in Russia[154][155]

Year 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Total retail sales (RUB trillions) 3.77 4.53 5.64 7.04 8.69 10.76 missing
14.60 16.49 19.08


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.[156]

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%.[157] 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."[158]

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.[159]

Key data on the telecommunications market in Russia[157]

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


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 monopoly. The total length of common-used railway tracks exceeds 85,500 km (53,127 mi),[160] second only to the United States. The most renowned railway in Russia is the Trans-Siberian Railway, the longest railway-line in the world. As of 2016, Russia had 1,452.2 km of roads;[161] and its road density is the lowest among the BRICS.[162] Much of Russia's inland waterways, which total 102,000 km (63,380 mi), are made up of natural rivers or lakes. Among Russia's 1,216 airports,[163] the busiest are Sheremetyevo, Domodedovo, and Vnukovo in Moscow, and Pulkovo in Saint Petersburg.

Major sea ports of Russia include Rostov-on-Don on the Sea of Azov, Novorossiysk on the Black Sea, Astrakhan and Makhachkala on the Caspian, Kaliningrad and St Petersburg on the Baltic, Arkhangelsk on the White Sea, Murmansk on the Barents Sea, Petropavlovsk-Kamchatsky and Vladivostok on the Pacific Ocean. The world's only fleet of nuclear-powered icebreakers advances the economic exploitation of the Arctic continental shelf of Russia and the development of sea trade through the Northern Sea Route.


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.[164]


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), as the Top 10 companies in 2013 charged 58.1% premiums in total without compulsory health insurance (CHI).[165] 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.[166]

Information technology

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[167])

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.[168] 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.[169] Meanwhile, the fastest growing segment of the IT market is offshore programming.

Interior of the Beriev Scientific and Technical Complex in Taganrog

Currently, Russia controls 3% of the offshore software development market and is the third leading country (after India and China) among software exporters[citation needed]. Such growth of software outsourcing in Russia is caused by a number of factors. One of them is the supporting role of the Russian Government. 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. Another factor stimulating the IT sector growth in Russia is the presence of global technology corporations such as Intel, Google, Motorola, Sun Microsystems, Boeing, Nortel, Hewlett-Packard, SAP AG, and others, which have intensified their software development activities and opened their R&D centers in Russia.[168]

Under a government decree signed On 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.[170]

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.[171][172][173]

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, Agent messenger, ICQ, Odnoklassniki social network, online media sources).


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.[174] Russia is ranked 39th in the Travel and Tourism Competitiveness Report 2019.[175] According to Federal Agency for Tourism, the number of inbound trips of foreign citizens to Russia amounted to 24.4 million in 2019.[176] Russia's international tourism receipts in 2018 amounted to $11.6 billion.[174] In 2020, tourism accounted for about 4% of country's GDP.[177] 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.[178] 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.[179]

External trade and investment


Russian current account[needs update]
Moscow Exchange, the largest exchange group in Russia

Russia recorded a trade surplus of USD$15.8 billion in 2013.[180] Balance of trade in Russia is reported by the Central Bank of Russia. Historically, from 1997 until 2013, Russia balance of trade averaged 8338.23 USD million reaching an all-time high of 20647 USD 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%).[181]

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 39038 USD million in January 2013 from 48568 USD million in December 2012. Exports in Russia is reported by the Central Bank of Russia. Historically, from 1994 until 2013, Russia Exports averaged 18668.83 USD million reaching an all-time high of 51338 USD million in December 2011 and a record low of 4087 USD million in January 1994. Russia is the 16th largest export economy in the world (2016)[182] 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 21296 USD million in January 2013 from 31436 USD million in December 2012. Imports in Russia is reported by the Central Bank of Russia. Historically, from 1994 until 2013, Russia imports averaged 11392.06 USD million reaching an all-time high of 31553 USD million in October 2012 and a record low of 2691 USD 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[183]

Year 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Export (US$ Billions) 241 302 352 468 302 397 517 525 527 498 344 285
Import (US$ Billions) 99 138 200 267 171 229 306 316 315 287 183 182

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.[184]

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


  1. ^ International sanctions were imposed on Russia following the Ukrainian crisis by the United States, European Union (EU28), Canada, Japan, Australia, New Zealand, Greenland, Iceland, Norway, Switzerland, Ukraine, Moldova, Albania, Montenegro and Georgia. EU28 sanctions have been extended until 31 July 2020 and are renewed every 6 months.[7]


  1. ^ a b c d e f g h i j "CENTRAL ASIA :: RUSSIA". Central Intelligence Agency. Retrieved 30 May 2019.
  2. ^ "World Economic Outlook Database, April 2019". International Monetary Fund. Retrieved 29 September 2019.
  3. ^ "World Bank Country and Lending Groups". World Bank. Retrieved 29 September 2019.
  4. ^ Предварительная оценка численности постоянного населения на 1 января 2020 года и в среднем за 2019 год [Preliminary estimated population as of 1 January 2020 and on the average for 2019] (XLS). Russian Federal State Statistics Service (in Russian). Retrieved 2 February 2020.
  5. ^ a b c d e f "World Economic Outlook Database, April 2021". International Monetary Fund. Retrieved 17 April 2020.
  6. ^ "World Economic Outlook Update, June 2020". International Monetary Fund. Retrieved 10 August 2020.
  7. ^ "Russia: EU prolongs economic sanctions by six months". European Council. Retrieved 22 December 2019.
  8. ^ a b "Central Intelligence Agency". Retrieved 5 April 2015.
  9. ^ "Poverty headcount ratio at national poverty lines (% of population) - Russian Federation". World Bank. Retrieved 21 March 2020.
  10. ^ "Europe Central Asia Economic Update, Spring 2020 : Fighting COVID-19". World Bank. pp. 69, 70. Retrieved 9 April 2020.
  11. ^ "Gini index (World Bank estimate) - Russian Federation". World Bank. Retrieved 28 October 2020.
  12. ^ "Human Development Report 2020" (PDF). United Nations Development Programme. 15 December 2020. Retrieved 15 December 2020.
  13. ^ "Inequality-adjusted HDI (IHDI)". UNDP. Retrieved 22 May 2020.
  14. ^ "Labor force, total - Russian Federation". World Bank. Retrieved 2 November 2019.
  15. ^ "Employment to population ratio, 15+, total (%) (national estimate)". World Bank. Retrieved 26 February 2020.
  16. ^ "Bofit". Retrieved 11 December 2018.
  17. ^ "Занятость и безработица в Российской Федерации в декабре 2017 года". Archived from the original on 2 February 2018. Retrieved 1 February 2018.
  18. ^
  19. ^ a b "Russia – WTO Statistics Database". World Trade Organization. Archived from the original on 19 March 2018. Retrieved 18 March 2018.
  20. ^ "The Ministry of Finance was advised to increase the national debt" (PDF). 1 November 2017. Retrieved 1 November 2017.
  21. ^ "Sovereigns rating list". Standard & Poor's. Retrieved 19 March 2015.
  22. ^ "Russia on Cusp of Exiting Junk as S&P Outlook Goes Positive". Bloomberg L.P. 17 March 2017.
  23. ^ "Moody's changes outlook on Russia's Ba1 government bond rating to stable from negative". Moody's. 17 February 2017.
  24. ^ "Russia's Outlook Raised to Stable by Fitch on Policy Action". Bloomberg. 14 October 2016.
  25. ^ "Scope upgrades Russia's long-term credit rating to BBB, and revises the Outlook to Stable". 17 January 2020.
  26. ^ "International Reserves of the Russian Federation (End of period)". Retrieved 11 June 2021.
  27. ^ [1], World Bank
  28. ^ Kevin M. Korabik, Russia's Natural Resources and their Economic Effects Archived 20 July 2019 at the Wayback Machine, Penn State College of Earth and Mineral Sciences, 1 December 1997
  29. ^ "India Partner Country at INNOPROM-2016 Show: Russia: (11-14 July 2016, Yekaterinburg, Russia)" (PDF). EEPC India. July 2016. Archived from the original (PDF) on 11 June 2016. Retrieved 4 January 2017.
  30. ^ "Pre-empting Russia's Year of Ecology". Ocean Unite.
  31. ^ "Russian natural resources". European Parliamentary Research Service Blog.
  32. ^ Russell, Martin (March 2015). The Russian economy: Will Russia ever catch up? (PDF). European Parliamentary Research Service. Publications Office. doi:10.2861/843676. ISBN 978-92-823-6649-3. Retrieved 4 January 2017.
  33. ^ The World Factbook. "CIA". Central Intelligence Agency. Retrieved 22 February 2021.
  34. ^ a b "Russia – Analysis". EIA. 31 October 2017. Retrieved 17 February 2021.
  35. ^ "The Future of Russia as an Energy Superpower". Harvard University Press. 20 November 2017. Retrieved 22 February 2021.
  36. ^ Makichuk, Dave (27 January 2020). "China passes Russia as No. 2 arms dealer". Asia Times. Retrieved 27 January 2020.
  37. ^ GRP by federal subjects of Russia, 1998–2007 (in Russian)
  38. ^ "Inequality and the Putin Economy: Inside the Numbers". Frontline. Retrieved 14 January 2015.
  39. ^ "Global Wealth Report 2014". Credit Suisse. Research Institute. Archived from the original on 14 February 2015. Retrieved 14 January 2015.
  40. ^ Richard Connolly, The Russian economy: a very short introduction' (2020) pp 2–11.
  41. ^ Davies 1998, p. 1, 3.
  42. ^ Appel, Hilary; Orenstein, Mitchell A. (2018). From Triumph to Crisis: Neoliberal Economic Reform in Postcommunist Countries. Cambridge University Press. p. 3. ISBN 978-1108435055.
  43. ^ a b "Nuffield Poultry Study Group — Visit to Russia 6th–14th October 2006" (PDF). The BEMB Research and Education Trust. 2007. Archived from the original (PDF) on 7 August 2007. Retrieved 27 December 2007.
  44. ^ "How Harvard lost Russia". Institutional Investor. 27 February 2006. Archived from the original on 5 July 2014. Retrieved 24 July 2014.
  45. ^ a b c d "GDP growth (annual %)". World Bank. Retrieved 26 July 2014.
  46. ^ "Members". APEC Study Center; City University of Hong Kong. Archived from the original on 10 August 2007. Retrieved 27 December 2007.
  47. ^ Scheidel, Walter (2017). The Great Leveler: Violence and the History of Inequality from the Stone Age to the Twenty-First Century. Princeton University Press. p. 222. ISBN 978-0691165028.
  48. ^ Privatisation 'raised death rate'. BBC, 15 January 2009. Retrieved 24 November 2018.
  49. ^ Rosefielde, Steven (2001). "Premature Deaths: Russia's Radical Economic Transition in Soviet Perspective". Europe-Asia Studies. 53 (8): 1159–1176. doi:10.1080/09668130120093174. S2CID 145733112.
  50. ^ Ghodsee, Kristen (2017). Red Hangover: Legacies of Twentieth-Century Communism. Duke University Press. pp. 63–64. ISBN 978-0822369493.
  51. ^ Nicholson, Alex. "Metal is the latest natural resource bonanza for Russia". International Herald Tribune. Archived from the original on 16 August 2007.
  52. ^ Page, Jeremy (16 May 2005). "Analysis: punished for his political ambitions". The Times. UK. Retrieved 27 December 2007.
  53. ^ "Russia: Clawing Its Way Back to Life (int'l edition)". BusinessWeek. Retrieved 27 December 2007.
  54. ^ 23 September 1999 (23 September 1999). "Business: The Economy Russia: The IMF's biggest failure". BBC. Retrieved 10 May 2015.
  55. ^ "Facts About IMF Lending to Russia". International Monetary Fund. 13 September 1999. Retrieved 10 May 2015.
  56. ^ a b An Assessment of Putin's Economic Policy Archived 22 March 2016 at the Wayback Machine, by Anders Aslund, Peterson Institute for International Economics, July 2008
  57. ^ a b "Investing in Russia" (PDF). KPMG. April 2013. Retrieved 21 July 2014.
  58. ^ РОЗНИЧНЫЙ ПОДХОД. Российские банки борются за частников (in Russian). Archived from the original on 19 June 2006. Retrieved 12 November 2011.
  59. ^ "Ежегодно объем потребительского кредитования в России удваивается". Archived from the original on 21 October 2011. Retrieved 12 November 2011.
  60. ^ "Основные Социально-Экономические Индикаторы Уровня Жизни Населения". Archived from the original on 15 July 2006. Retrieved 12 November 2011.
  61. ^ "CIA – The World Factbook – Russia". Retrieved 12 November 2011.
  62. ^ "In Russia, a modern institution is quietly gaining ground". Emerging Markets. 26 November 2012. Archived from the original on 8 August 2014. Retrieved 27 July 2014.
  63. ^ Russia attracts investors despite its image BBC News Retrieved on March 2008
  64. ^ Jarko Fidrmuc; Philipp Johann Süß (September 2009). "The Outbreak of the Russian Banking Crisis" (PDF). University of Munich. Retrieved 26 July 2014.
  65. ^ "Financial crisis: action taken by central banks and governments". The Guardian. 21 October 2008. Retrieved 26 July 2014.
  66. ^ "Insight: No more easy pickings in Russia's banking market". Reuters. 22 May 2013. Retrieved 26 July 2014.
  67. ^ "Russia becomes WTO member after 18 years of talks". BBC. 16 December 2011. Retrieved 26 January 2021.
  68. ^ "Country and Lending Groups". World Bank. Archived from the original on 2 July 2014. Retrieved 1 July 2013.
  69. ^ Kramer, Andrew E. (22 September 2011). "Economic Reforms Likely to Continue Under Putin". The New York Times. Retrieved 27 July 2014.
  70. ^ "On Bank of Russia key rate". Bank of Russia. 16 June 2014. Retrieved 26 July 2014.
  71. ^ "EUROPA - EU Newsroom - EU sanctions against Russia over Ukraine crisis". Retrieved 22 June 2015.
  72. ^ ВВП России в первом полугодии вырос на 1% — Минэкономразвития. Vedomosti (in Russian). 27 July 2014. Retrieved 7 August 2014.
  73. ^ Anna Andrianova (2 April 2015). "Russian Economy Unexpectedly Expanded 0.4% in Fourth Quarter". Retrieved 30 April 2015.
  74. ^ "Unequal Russia: is anger stirring in the global capital of inequality?". The Guardian. 25 April 2017.
  75. ^ ДИНАМИКА РЕАЛЬНЫХ ДОХОДОВ НАСЕЛЕНИЯ (in Russian). Rosstat. Retrieved 21 July 2014.
  76. ^ Guriev, Sergei; Tsyvinski, Aleh (2010). "Challenges Facing the Russian Economy after the Crisis". In Anders Åslund; Sergei Guriev; Andrew C. Kuchins (eds.). Russia After the Global Economic Crisis. Peterson Institute for International Economics; Centre for Strategic and International Studies; New Economic School. pp. 12–13. ISBN 9780881324976.
  77. ^ Putin: Russia's Choice, (Routledge 2007), by Richard Sakwa, Chapter 9
  78. ^ "Global Wealth Report 2013 - Pg. 53". Credit Suisse. Archived from the original on 14 February 2015. Retrieved 13 April 2015.
  79. ^ "Russia's Wealth Inequality One Of Highest In The World". Huffington Post. 9 October 2013. Archived from the original on 9 October 2013. Retrieved 21 July 2014.
  80. ^ "Illicit Financial Flows from Developing Countries: 2002-2011" (PDF). Global Financial Integrity. 2013. Retrieved 5 December 2014.
  81. ^ Vorasarun, Chaniga (30 April 2008). "Cities Of The Billionaires". Forbes. Retrieved 21 August 2014.
    Geromel, Ricardo (14 March 2013). "Forbes Top 10 Billionaire Cities - Moscow Beats New York Again". Forbes. Retrieved 21 August 2014.
  82. ^ Tim Bowler (19 January 2015). "Falling oil prices: Who are the winners and losers?". BBC News. Retrieved 30 April 2015.
  83. ^ О состоянии внешней торговли в январе-феврале 2015 года [On the state of foreign trade in January–February 2015]. (in Russian). Archived from the original on 27 April 2015. Retrieved 30 April 2015.
  84. ^ Matlack, Carol. "Russia's Great Downward Shift". Bloomberg L.P. Retrieved 28 January 2016.
  85. ^ "О производстве и использовании валового внутреннего продукта (ВВП) за 2017 год". Archived from the original on 12 June 2018. Retrieved 1 February 2018.
  86. ^ "Russian Economy Crawled to Growth With Recession in Rearview". Bloomberg. 31 March 2017.
  87. ^ a b These Are the World's Most Innovative Economies Bloomberg Business.
  88. ^ Most Innovative: Countries Bloomberg Business.
  89. ^ 30 Most Innovative Countries Bloomberg Business.
  90. ^ Times, The Moscow (14 March 2019). "Russia's Natural Resources Make Up 60% of GDP". The Moscow Times. Retrieved 17 March 2019.
  91. ^ "Report for Selected Countries and Subjects". Retrieved 11 September 2018.
  92. ^ "Report for Selected Countries and Subjects". Retrieved 25 December 2019.
  93. ^ "Russia's Budget Deficit to Reach $21Bln in 2016 – Finance Ministry". The Moscow Times. Archived from the original on 14 December 2015. Retrieved 30 May 2016.
  94. ^ "Overview". World Bank. Retrieved 22 April 2018.
  95. ^ Shyhkin, Maxim. "Stabilization Fund to Be Converted into National Prosperity". Archived from the original on 30 September 2007. Retrieved 2 August 2007.
  96. ^ Debt – external, CIA World Factbook. Retrieved 22 May 2010.
  97. ^ "Corruptions Perceptions Index 2020". Retrieved 31 January 2021.
  98. ^ "Corruption Perceptions Index 2014". Transparency International. Retrieved 4 December 2015.
  99. ^ Alferova, Ekaterina (26 October 2020). "В России предложили создать должность омбудсмена по борьбе с коррупцией" [Russia proposed to create the post of Ombudsman for the fight against corruption]. Известия (in Russian). Izvestia. Retrieved 5 November 2020.
  100. ^ "Russia Corruption Report". GAN Integrity. June 2020. Retrieved 5 November 2020.
  101. ^ Suhara, Manabu. "Corruption in Russia: A Historical Perspective" (PDF). Archived from the original (PDF) on 4 March 2016. Retrieved 4 December 2015.
  102. ^ "Russia lost 4 billion dollars on unfavorable state procurement contracts in the last year". Meduza. Retrieved 7 December 2015.
  103. ^ "Cops for hire". The Economist. 2010. Retrieved 4 December 2015.
  104. ^ Klara Sabirianova Peter; Tetyana Zelenska (2010). "Corruption in Russian Health Care: The Determinants and Incidence of Bribery" (PDF). Retrieved 4 December 2015.
  105. ^ Elena Denisova-Schmidt; Elvira Leontyeva; Yaroslav Prytula (2014). "Corruption at Universities is a Common Disease for Russia and Ukraine". Harvard University. Retrieved 4 December 2015.
  106. ^ Maynes, Charles (26 January 2020). "New Reports Highlight Russia's Deep-Seated Culture of Corruption | Voice of America – English". Voice of America. Retrieved 5 November 2020.
  107. ^ Times, The Moscow (26 May 2021). "80% of Russian Business Owners Fear Arbitrary Arrest". The Moscow Times. Retrieved 26 May 2021.
  108. ^ Winfrey, Graham (6 January 2010). "Did A New Pipeline Just Make Russia The Most Important Energy Superpower By Far?". Business Insider. Retrieved 6 October 2017.
  109. ^ Country Comparison :: Natural gas – proved reserves. CIA World Factbook. Retrieved 3 February 2014.
  110. ^ "Statistical Review of World Energy 69th edition" (PDF). BP. 2020. p. 45. Retrieved 8 November 2020.
  111. ^ Country Comparison :: Oil – proved reserves. CIA World Factbook. Retrieved 3 February 2014.
  112. ^ 2010 Survey of Energy Resources (PDF). World Energy Council. 2010. p. 102. ISBN 978-0-946121-021. Retrieved 8 November 2020.
  113. ^ Country Comparison :: Natural gas – exports. CIA World Factbook. Retrieved 3 February 2014.
  114. ^ "Country Comparison :: Natural gas – production", CIA World Factbook. Retrieved 3 February 2014.
  115. ^ "Trade Balance Statistics | World Crude Imports & Exports | Enerdata". Retrieved 8 November 2020.
  116. ^ "International – U.S. Energy Information Administration (EIA)". Energy Information Administration. Retrieved 8 November 2020.
  117. ^ "Russia: greenhouse gas emissions by sector". Statista. Retrieved 3 December 2020.
  118. ^ Country Comparison :: Electricity – production. CIA World Factbook. Retrieved 3 February 2014.
  119. ^ Whiteman, Adrian; Rueda, Sonia; Akande, Dennis; Elhassan, Nazik; Escamilla, Gerardo; Arkhipova, Iana (March 2020). Renewable capacity statistics 2020 (PDF). IRENA. Abu Dhabi: International Renewable Energy Agency. p. 3. ISBN 978-92-9260-239-0. Retrieved 8 November 2020.
  120. ^ "Nuclear Power Today | Nuclear Energy – World Nuclear Association". World Nuclear Association. October 2020. Retrieved 8 November 2020.
  121. ^ "Ranking Of The World's Diamond Mines By Estimated 2013 Production", Kitco, 20 August 2013.
  122. ^ USGS Gold Production Statistics
  123. ^ USGS Platinum Production Statistics
  124. ^ USGS Silver Production Statistics
  125. ^ USGS Copper Production Statistics
  126. ^ USGS Nickel Production Statistics
  127. ^ USGS Lead Production Statistics
  128. ^ USGS Bauxite Production Statistics
  129. ^ USGS Zinc Production Statistics
  130. ^ USGS Vanadinum Production Statistics
  131. ^ USGS Cobalt Production Statistics
  132. ^ USGS Iron Ore Production Statistics
  133. ^ USGS Boron Production Statistics
  134. ^ USGS Molybdenum Production Statistics
  135. ^ USGS Tin Production Statistics
  136. ^ USGS Sulfur Production Statistics
  137. ^ USGS Phosphate Production Statistics
  138. ^ USGS Gypsum Production Statistics
  139. ^ USGS Salt Production Statistics
  140. ^ World Uranium Mining
  141. ^ "Countries With The Most Arable Land In The World". Beef2Live. 2 December 2020. Retrieved 12 December 2020.
  142. ^ Russia takes the third place in the world by grain exports, (in Russian)
  143. ^ "Despite sanctions Russian wheat export is breaking the records". 2 May 2019.
  144. ^ Main agricultural products by type of owners Rosstat, 2009 (in Russian)
  145. ^ "Top 9 MOST POPULAR CAVIARS in the world". TasteAtlas. 13 January 2021. Retrieved 4 February 2020.
  146. ^ "The State of World Fisheries and Aquaculture" (PDF). Food and Agriculture Organization. 2018. Retrieved 4 February 2021.
  147. ^ Makichuk, Dave (27 January 2020). "China passes Russia as No. 2 arms dealer". Asia Times. Retrieved 27 January 2020.
  148. ^ Manturov, Denis (2009). "Prospects for the Domestic Aircraft Industry". Military Parade (4): 8–9.
  149. ^ Ionin, Andrey. "Russia's Space Program in 2006: Some Progress but No Clear Direction". Moscow Defense Brief. Centre for Analysis of Strategies and Technologies (2(#8)). Archived from the original on 27 August 2007.
  150. ^ "Production Statistics 2018 Statistics". Retrieved 21 November 2019.
  151. ^ "Electronics regrowth in Russia". Archived from the original on 7 February 2011. Retrieved 8 December 2014.
  152. ^ "Electronics in Russia". Archived from the original on 22 December 2004. Retrieved 8 December 2014.
  153. ^ Andrew E. Kramer (1 January 2013). "Malls Blossom in Russia, With a Middle Class". The New York Times. Retrieved 2 January 2013. I feel like I’m in Disneyland
  154. ^ "Basic retail data Russia - Russia Retail and FMCG market news". Archived from the original on 4 November 2011.
  155. ^ "Basic retail data Russia - Russia Retail and FMCG market news". Archived from the original on 5 October 2015. Retrieved 5 October 2015.
  156. ^ "Internet usage statistic". Archived from the original on 25 June 2009. Retrieved 12 November 2011.
  157. ^ a b "ICT in Russia". Retrieved 12 November 2011.
  158. ^ "retrieved 2 August 2007". 6 December 2006. Archived from the original on 24 February 2007. Retrieved 12 November 2011.
  159. ^ "ICT Russia data, 2004-2011". 2012. Retrieved 5 October 2015.
  160. ^ "Russian Railways". Archived from the original on 4 October 2009. Retrieved 2 January 2010.
  161. ^ "О развитии дорожной инфраструктуры". 29 April 2016. Retrieved 14 January 2021.
  162. ^ "Transport in Russia". International Transport Statistics Database. iRAP. Archived from the original on 17 April 2009. Retrieved 17 February 2009.
  163. ^ "CIA The World Factbook–Rank Order–Airports". Retrieved 19 January 2011.
  164. ^ "Russian Construction Data - construction output, homes completed, building materials production". Retrieved 8 December 2014.
  165. ^ "Russian Insurance Market in 2013" (PDF). Retrieved 8 December 2014.
  166. ^ "Archived copy" (PDF). Archived from the original (PDF) on 30 July 2020. Retrieved 6 February 2021.CS1 maint: archived copy as title (link)
  167. ^ Huffington Post: Countries With The MOST College Graduates retrieved 27 September 2013
  168. ^ a b "The 8th Annual Survey of the Russian Software Export Industry" (PDF). Russoft. 22 November 2011. Archived from the original (PDF) on 14 May 2012. Retrieved 5 May 2012.
  169. ^ "Russian IT market worth $2,4 billion". Silicon Taiga. 26 December 2006. Archived from the original on 30 September 2007. Retrieved 12 November 2011.
  170. ^ "Medvedev's Cabinet compels state-owned corporations to buy Russian technology". Russoft. Archived from the original on 19 December 2013. Retrieved 23 June 2013.
  171. ^ "The internet business in Russia: Europe's great exception - The Economist". The Economist. 19 May 2012. Retrieved 14 March 2015.
  172. ^ "Most Popular Search Engines in the World – Top Ten List - Tech Robo". Tech Robo. Archived from the original on 6 May 2015. Retrieved 14 March 2015.
  173. ^ "Самые популярные поисковые системы в России". Retrieved 8 December 2014.
  174. ^ a b "UNWTO World Tourism Barometer". UNWTO World Tourism Barometer English Version. World Tourism Organization (UNWTO). 18 (6): 18. 2020. doi:10.18111/wtobarometereng. ISSN 1728-9246.
  175. ^ Uppink Calderwood, Lauren; Soshkin, Maksim. Fisher, Mike (ed.). The Travel & Tourism Competitiveness Report 2019 (PDF). Geneva: World Economic Forum. p. xiii. ISBN 978-2-940631-01-8. Retrieved 11 November 2020.
  176. ^ "Выборочная статистическая информация, рассчитанная в соответствии с Официальной статистической методологией оценки числа въездных и выездных туристских поездок – Ростуризм" [Selected statistical information calculated in accordance with the Official Statistical Methodology for Estimating the Number of Inbound and Outbound Tourist Trips – Rostourism]. (in Russian). Federal Agency for Tourism (Russia). Retrieved 11 November 2020.
  177. ^ "Вице-премьер считает, что вклад туризма в ВВП России может вырасти в три раза за 10 лет" [Deputy Prime Minister believes that the contribution of tourism to Russia's GDP could triple in 10 years]. ТАСС (in Russian). TASS. 26 September 2020. Retrieved 11 November 2020.
  178. ^ "Tourism Highlights 2014" (PDF). UNWTO (World Tourism Organization). 2014. Archived from the original (PDF) on 12 January 2015. Retrieved 20 January 2015.
  179. ^ Vlasov, Artem (17 December 2018). "Названы самые популярные достопримечательности России" [The most popular sights of Russia are named]. Izvestia (in Russian). Retrieved 15 December 2020.
  180. ^ "President Obama's Signature Paves Way for Permanent Normal Trade Relations with Russia and Moldova". Archived from the original on 2 February 2017. Retrieved 27 January 2017.
  181. ^ "Russian Federation | SITC Rev2 Groups | Exports to World | 2015 | WITS | Data". Retrieved 3 October 2017.
  182. ^ "OEC - Russia (RUS) Exports, Imports, and Trade Partners". Archived from the original on 10 June 2018. Retrieved 19 March 2018.
  183. ^ a b "Russian Federation - Trade At a glance - Most Recent Value - WITS - Data".
  184. ^ "M&A Statistics by Countries - Institute for Mergers, Acquisitions and Alliances (IMAA)". Institute for Mergers, Acquisitions and Alliances (IMAA). Retrieved 27 February 2018.

Further reading

  • Alexeev, Michael, and Shlomo Weber, eds. The Oxford handbook of the Russian economy (Oxford UP, 2013) excerpt.
  • Åslund, Anders. Russia’s Crony Capitalism: The Path from Market Economy to Kleptocracy (Yale University Press, 2019). excerpt
  • Connolly, Richard. The Russian economy: a very short introduction (2020) excerpt
  • Gustafson, Thane. Wheel of Fortune: The Battle for Oil and Power in Russia (Harvard UP, 2012). excerpt
  • Meyers, William Henry, Schmitz, Andrew, eds. Transition to agricultural market economies: the future of Kazakhstan, Russia, and Ukraine (2015)
  • Miller, Chris. Putinomics: Power and money in resurgent Russia (UNC Press Books, 2018). excerpt
  • Moser, Nat. Oil and the Economy of Russia: From the Late-Tsarist to the Post-Soviet Period (2017)
  • Zinchenko, L. A., et al. "Main features of the Russian economy and its development." International Journal of Applied Business and Economic Research 15.23 (2017): 265-272.

External links