Russian economy

Economy of Russia

Moscow International Business Center
Currency	Russian ruble (RUB) = 0.015 USD
Fiscal year	calendar year
Trade organizations	WTO, GECF, CIS, APEC, EURASEC, G-20 and others
Statistics
GDP	$1.560 trillion (2017) (nominal) $3.938 trillion (2017) (PPP)
GDP rank	12th (nominal) / 6th (PPP) (2017)
GDP growth	0.3% (2016)
GDP per capita	$8,838 (2016) (nominal) $23,875 (2016) (PPP)
GDP by sector	Agriculture: 4%, Industry: 36.3%, Services: 59.7% (2014 est.)
Inflation (CPI)	5.4% (2016)
Population below poverty line	13.4% (2015)
Labor force	77 million (June 2016)
Labor force by occupation	Agriculture: 9.7%, Industry: 27.8%, Services: 62.5% (2012 est.)
Unemployment	5.4% (June 2016)
Average net salary	32746 RUB/US$565 per month 03.2017
Main industries	List Oil and gas Chemicals Mining Processed metals Defense equipment Shipbuilding Aerospace Automotive Communications equipment Electric power generating and transmitting equipment Consumer durables Textiles Food and beverages Retailing Real estate Healthcare Utilities
Ease-of-doing-business rank	40th (2017)
External
Exports	$251 billion (Jan-Nov 2016)
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	Netherlands 11.9%  China 8.3%  Germany 7.4%  Italy 6.5%  Turkey 5.6%  Belarus 4.4%  Japan 4.2% (2015)
Imports	$172 billion (Jan-Nov 2016)
Import goods	Consumer goods, machinery, vehicles, pharmaceutical products, plastic, semi-finished metal products, meat, fruits and nuts, optical and medical instruments, iron, steel
Main import partners	China 19.2%  Germany 11.2%  United States 6.4%  Belarus 4.8%  Italy 4.6% (2015)
FDI stock	$361 billion (2015 est.)
Current account	$29 billion (Jan-Apr 2016)
Gross external debt	$538 billion (December 2015)
Public finances
Public debt	14% of GDP (2016)
Revenues	$182 billion (2014 est.)
Expenses	$213 billion (2014 est.)
Credit rating	Standard & Poor's: BBB- (Domestic) BB+ (Foreign) BB+ (T&C Assessment) Outlook: Positive Moody's: Ba1 Outlook: Stable Fitch: BBB- Outlook: Stable
Foreign reserves	$396.4 billion (August 2016)
Main data source: CIA World Fact Book All values, unless otherwise stated, are in US dollars.

Russia has an upper-middle incomemixed economy with state ownership in strategic areas of the economy. Market reforms in the 1990s privatized much of Russian industry and agriculture, with notable exceptions to this privatization occurring in the energy and defense-related sectors.

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. The World Bank estimates the total value of Russia's natural resources at $75 trillion US dollars. Russia relies on energy revenues to drive most of its growth. Russia has an abundance of oil, natural gas and precious metals, which make up a major share of Russia's exports. As of 2012^[update] the oil-and-gas sector accounted for 16% of GDP, 52% of federal budget revenues and over 70% of total exports.

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, short range/long range ballistic missiles. The value of Russian arms exports totalled $15.7 billion in 2013—second only to the US. Top military exports from Russia include combat aircraft, air defence systems, ships and submarines.

In 2015, the Russian economy was the sixth largest in the world by PPP and twelfth largest at market exchange rates. Between 2000 and 2012 Russia's energy exports fueled a rapid growth in living standards, with real disposable income rising by 160%. In dollar-denominated terms this amounted to a more than sevenfold increase in disposable incomes since 2000. In the same period, unemployment and poverty more than halved and Russians' self-assessed life satisfaction also rose significantly. This growth was a combined result of the 2000s commodities boom, high oil prices, as well as prudent economic and fiscal policies. 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. Poor governance means that Russia also has the second-largest volume of illicit money outflows, having lost over $880 billion between 2002 and 2011 in this way. Since 2008 Forbes has repeatedly named Moscow the "billionaire capital of the world".