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Russia Economy 2012

SOURCE: 2012 CIA WORLD FACTBOOK AND OTHER SOURCES











Russia Economy 2012
SOURCE: 2012 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 14,

Economy - overview:
Russia has undergone significant changes since the collapse of the Soviet Union, moving from a globally-isolated, centrally-planned economy to a more market-based and globally-integrated economy. 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. Russian industry is primarily split between globally-competitive commodity producers - in 2009 Russia was the world's largest exporter of natural gas, the second largest exporter of oil, and the third largest exporter of steel and primary aluminum - and other less competitive heavy industries that remain dependent on the Russian domestic market. This reliance on commodity exports makes Russia vulnerable to boom and bust cycles that follow the highly volatile swings in global commodity prices. The government since 2007 has embarked on an ambitious program to reduce this dependency and build up the country's high technology sectors, but with few results so far. The economy had averaged 7% growth in the decade following the 1998 Russian financial crisis, resulting in a doubling of real disposable incomes and the emergence of a middle class. The Russian economy, however, 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. The Central Bank of Russia spent one-third of its $600 billion international reserves, the world's third largest, in late 2008 to slow the devaluation of the ruble. The government also devoted $200 billion in a rescue plan to increase liquidity in the banking sector and aid Russian firms unable to roll over large foreign debts coming due. The economic decline bottomed out in mid-2009 and the economy began to grow in the third quarter of 2009. However, a severe drought and fires in central Russia reduced agricultural output, prompting a ban on grain exports for part of the year, and slowed growth in other sectors such as manufacturing and retail trade. High oil prices buoyed Russian growth in 2011 and helped Russia reduce the budget deficit inherited from the lean years of 2008-09. Russia has reduced unemployment since 2009 and has made progress on reducing inflation since 2010. Russia's long-term challenges include a shrinking workforce, a high level of corruption, difficulty in accessing capital for smaller, non-energy companies, and poor infrastructure in need of large investments.

GDP (purchasing power parity):
$2.373 trillion (2011 est.)
country comparison to the world: 7

$2.276 trillion (2010 est.)
$2.188 trillion (2009 est.)
note: data are in 2011 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$1.885 trillion (2011 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
4.3% (2011 est.)
country comparison to the world: 93

4% (2010 est.)
-7.8% (2009 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$16,700 (2011 est.)
country comparison to the world: 70

$15,900 (2010 est.)
$15,300 (2009 est.)
note: data are in 2011 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 4.2%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 37%
[see also: GDP - composition by sector - industry country ranks ]
services: 58.9% (2011 est.)
[see also: GDP - composition by sector - services country ranks ]

Labor force:
75.41 million (2011 est.)
country comparison to the world: 8
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 9.8%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 27.5%
[see also: Labor force - by occupation - industry country ranks ]
services: 62.7% (2010)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
6.8% (2011 est.)
country comparison to the world: 71

7.5% (2010 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
13.1% (2010)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2.6%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 33.5% (2008)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
42 (2010)
country comparison to the world: 52

39.9 (2001)
[see also: Distribution of family income - Gini index country ranks ]

Investment (gross fixed):
21.1% of GDP (2011 est.)
country comparison to the world: 103
[see also: Investment (gross fixed) country ranks ]

Budget:
revenues: $382.8 billion
[see also: Budget revenues country ranks ]
expenditures: $376.2 billion (2011 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
20.3% of GDP (2011 est.)
country comparison to the world: 155
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
0.4% of GDP (2011 est.)
country comparison to the world: 37
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
8.7% of GDP (2011 est.)
country comparison to the world: 125

7.9% of GDP (2010 est.)
note: data cover general Government Debt, and includes debt instruments issued (or owned) by Government entities other than the treasury; the data include treasury debt held by foreign entities; the data include debt issued by subnational entities, as well as intra-governmental debt; intra-governmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment. Debt instruments for the social funds are not sold at public auctions.
[see also: Public debt country ranks ]

Inflation rate (consumer prices):
8.9% (2011 est.)
country comparison to the world: 183

6.9% (2010 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
5.5% (31 December 2010 est.)
country comparison to the world: 38

8.75% (31 December 2009 est.)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
9.2% (31 December 2011 est.)
country comparison to the world: 84

10.817% (31 December 2010 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$350.3 billion (31 December 2011 est.)
country comparison to the world: 16

$268.7 billion (31 December 2010 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$870.2 billion (31 December 2011 est.)
country comparison to the world: 18

$780.6 billion (31 December 2010 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$759.6 billion (31 December 2011 est.)
country comparison to the world: 20

$573.2 billion (31 December 2010 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$1.005 trillion (31 December 2010 est.)
country comparison to the world: 16

$861.4 billion (31 December 2009)
$397.2 billion (31 December 2008 est.)
[see also: Market value of publicly traded shares country ranks ]

Agriculture - products:
grain, sugar beets, sunflower seed, vegetables, fruits; beef, milk

Industries:
complete range of mining and extractive industries producing coal, oil, gas, chemicals, and metals; all forms of machine building from rolling mills to high-performance aircraft and space vehicles; defense industries including radar, missile production, and advanced electronic components, shipbuilding; road and rail transportation equipment; communications equipment; agricultural machinery, tractors, and construction equipment; electric power generating and transmitting equipment; medical and scientific instruments; consumer durables, textiles, foodstuffs, handicrafts

Industrial production growth rate:
5% (2011 est.)
country comparison to the world: 69
[see also: Industrial production growth rate country ranks ]

Electricity - production:
925.9 billion kWh (2009 est.)
country comparison to the world: 5
[see also: Electricity - production country ranks ]

Electricity - consumption:
857.6 billion kWh (2008 est.)
country comparison to the world: 5
[see also: Electricity - consumption country ranks ]

Electricity - exports:
17.7 billion kWh (2009 est.)
[see also: Electricity - exports country ranks ]

Electricity - imports:
14.63 billion kWh (2009 est.)
[see also: Electricity - imports country ranks ]

Oil - production:
10.27 million bbl/day (2010)
country comparison to the world: 2
[see also: Oil - production country ranks ]

Oil - consumption:
2.199 million bbl/day (3010)
country comparison to the world: 11
[see also: Oil - consumption country ranks ]

Oil - exports:
5.01 million bbl/day (2010 est.)
country comparison to the world: 2
[see also: Oil - exports country ranks ]

Oil - imports:
42,750 bbl/day (2009 est.)
country comparison to the world: 93
[see also: Oil - imports country ranks ]

Natural gas - production:
588.9 billion cu m (2010)
country comparison to the world: 2
[see also: Natural gas - production country ranks ]

Natural gas - consumption:
414.1 billion cu m (2010)
country comparison to the world: 3
[see also: Natural gas - consumption country ranks ]

Natural gas - exports:
199.9 billion cu m (2010 est.)
country comparison to the world: 1
[see also: Natural gas - exports country ranks ]

Natural gas - imports:
38.2 billion cu m (2010 est.)
country comparison to the world: 9
[see also: Natural gas - imports country ranks ]

Natural gas - proved reserves:
44.8 trillion cu m (1 January 2011 est.)
country comparison to the world: 1
[see also: Natural gas - proved reserves country ranks ]

Current account balance:
$90.51 billion (2011 est.)
country comparison to the world: 5

$70.25 billion (2010)
[see also: Current account balance country ranks ]

Exports:
$498.6 billion (2011 est.)
country comparison to the world: 10

$400.4 billion (2010 est.)
[see also: Exports country ranks ]

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:
Germany 8.2%, Netherlands 6%, US 5.6%, China 5.4%, Turkey 4.6% (2010)

Imports:
$310.1 billion (2011 est.)
country comparison to the world: 18

$248.7 billion (2010 est.)
[see also: Imports country ranks ]

Imports - commodities:
machinery, vehicles, pharmaceutical products, plastic, semi-finished metal products, meat, fruits and nuts, optical and medical instruments, iron, steel

Imports - partners:
Germany 14.7%, China 13.5%, Ukraine 5.5%, Italy 4.7%, Belarus 4.5% (2010)

Reserves of foreign exchange and gold:
$513 billion (31 December 2011 est.)
country comparison to the world: 4

$479.4 billion (31 December 2010 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$519.4 billion (30 September 2011 est.)
country comparison to the world: 24

$538.6 billion (31 December 2010 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$343.4 billion (31 December 2011 est.)
country comparison to the world: 16

$297.4 billion (31 December 2010 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$314.6 billion (31 December 2011 est.)
country comparison to the world: 16

$274.6 billion (31 December 2010 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

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

28.35 (2011 est.)
30.38 (2010 est.)
31.74 (2009)
24.853 (2008)
25.581 (2007)


NOTE: 1) The information regarding Russia on this page is re-published from the 2012 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Russia Economy 2012 information contained here. All suggestions for corrections of any errors about Russia Economy 2012 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






This page was last modified 07-Mar-12
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