Economy of Russia

Economy of Russia
	Moscow, the financial center of Russia
Currency	Russian ruble (RUB, ₽)
Fiscal year	Calendar year
Trade organizations	WTO, BRICS, EAEU, CIS, GECF, APEC, G20 and others
Country group	Developing/Emerging; Upper-middle income economy; Natural resource-rich Eurasian economy with decreased oil export reliance;
Statistics
Population	147,190,000 (late 2021 census)
GDP	$1.862 trillion (nominal; 2023); $5.056 trillion (PPP; 2023);
GDP rank	11th (nominal; 2023); 5th/6th (PPP; 2023);
GDP growth	−2.1% (2022); 3.6% (2023); 3.2% (2024);
GDP per capita	$13,006 (nominal; 2023); $35,310 (PPP; 2023);
GDP per capita rank	72nd (nominal; 2023); 60th (PPP; 2023);
GDP by sector	Agriculture: 5.6%; Industry: 26.6%; Services: 67.8%; (2022 est.);
Inflation (CPI)	6.6% (October 2023)
Population below poverty line	12.1% (2020); 4.08% on less than $6.85/day (2020);
Gini coefficient	37.5 medium (2018, World Bank)
Human Development Index	0.822 very high (2021) (52nd); 0.751 high (2021) (42nd);
Labor force	72,443.66 (2021); 59.4% employment rate (2021);
Labor force by occupation	Agriculture: 9.4%; Industry: 27.6%; Services: 63%; (2016 est.);
Unemployment	3.7% (December 2022);
Average gross salary	RUB 76,604 / €700 per month
Average net salary	RUB 66,645 / €609 per month
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)
Export goods	Crude 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);
Imports	$293.5 billion (2021)
Import goods	Cars 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);
FDI stock	Inward: $38 billion (2021); Outward: $64 billion (2021);
Current account	$259.34 billion (2022); 12.15% of GDP (2022);
Gross external debt	$381.77 billion (December 2022)
Public finances
Government debt	24.175 ₽ trillion; 16.19% of GDP (2022);
Budget balance	3.8% of GDP (2022)
Revenues	49.606 ₽ trillion; 33.22% of GDP (2022)
Expenses	53.038 ₽ trillion; 35.52% of GDP (2022)
Credit rating	Standard & Poor's:; SD (Domestic); SD (Foreign); SD (T&C Assessment); Outlook: N/A; Moody's:; Ca; Outlook: Negative; Fitch:; C; Outlook: N/A;
Foreign reserves	$592 billion (January 2023) (4th)
	Main data source: CIA World Fact Book ; All values, unless otherwise stated, are in US dollars.

The economy of Russia has gradually transformed from a planned economy into a mixed market-oriented economy. It has enormous natural resources, particularly oil and natural gas. In 2023, it was the world's 11th-largest economy by nominal GDP, 6th-largest by purchasing power parity (PPP) according to IMF, and 5th-largest according to World Bank. Due to a volatile currency exchange rate, Russia's GDP as measured in dollars fluctuates sharply. Russia was the last major economy to join the WTO, becoming a member in 2012.

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. It has been widely described as an energy superpower; as it has the world's largest natural gas reserves, 2nd-largest coal reserves, 8th-largest oil reserves, and the largest oil shale reserves in Europe. It is the world's leading natural gas exporter, the 2nd-largest natural gas producer, the 2nd-largest oil exporter and producer and third largest coal exporter. Russia's foreign exchange reserves are the world's 4th-largest. It has a labour force of roughly 70 million people, which is the world's 7th-largest. Russia is the world's 3rd-largest exporter of arms. The oil and gas sector accounted up to roughly 34% of Russia's federal budget revenues, and up to 54% of its exports in 2021. Russia has the world's 5th-largest number of billionaires. Russia's inequality of household income and wealth remains comparatively high, with a Gini coefficient of 36 in 2020 as compared to 39.8 in the US in 2021.

Following the 2022 Russian invasion of Ukraine, the country has faced extensive sanctions and boycotts from the Western world and its allies which are aimed at isolating the Russian economy from the Western financial system. Russia's economy has been affected by the sanctions but appears relatively resilient to them.

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