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Russia Economy 2017
https://theodora.com/wfbcurrent/russia/russia_economy.html
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES











Russia Economy 2017
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 12, 2017

Economy - overview:
Russia has undergone significant changes since the collapse of the Soviet Union, moving from a centrally planned economy towards a more market-based system. Both economic growth and reform have stalled in recent years, however, and Russia remains a predominantly 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, transportation, banking, and defense-related sectors. The protection of property rights is still weak, and the state continues to interfere in the free operation of the private sector.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 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, has seen diminishing growth rates since then due to the exhaustion of Russia’s commodity-based growth model.A combination of falling oil prices, international sanctions, and structural limitations pushed Russia into a deep recession in 2015, with the GDP falling by close to 4%. Most economists expect this downturn will continue through 2016. Government support for import substitution has increased recently in an effort to diversify the economy away from extractive industries. Although the Russian Ministry of Economic Development is forecasting a modest growth of 0.7% for 2016 as a whole, the Central Bank of Russia (CBR) is more pessimistic and expects the recovery to begin later in the year and a decline of 0.5% to 1.0% for the full year. Russia is heavily dependent on the movement of world commodity prices and the CBR estimates that if oil prices remain below $40 per barrel beyond 2016, the resulting shock would cause GDP to fall by up to 5%.

GDP (purchasing power parity):
$3.745 trillion (2016 est.) $3.774 trillion (2015 est.) $3.92 trillion (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 7
[see also: GDP country ranks ]

GDP (official exchange rate):
$1.268 trillion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
-0.8% (2016 est.) -3.7% (2015 est.) 0.7% (2014 est.)
country comparison to the world: 201
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$26,100 (2016 est.) $26,300 (2015 est.) $27,300 (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 73
[see also: GDP - per capita country ranks ]

Gross national saving:
24.7% of GDP (2016 est.) 23.8% of GDP (2015 est.) 23.7% of GDP (2014 est.)
country comparison to the world: 52
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 55.8%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 19.9%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 21.6%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: -3.2%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 25.8%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -19.9% (2016 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 4.7%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 33.1%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 62.2% (2016 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
grain, sugar beets, sunflower seeds, 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,

Industrial production growth rate:
0.7% (2016 est.)
country comparison to the world: 159
[see also: Industrial production growth rate country ranks ]

Labor force:
77.41 million (2016 est.)
country comparison to the world: 8
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 9.4%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 27.6%
[see also: Labor force - by occupation - industry country ranks ]
services: 63% (2014)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
8.2% (2016 est.) 5.6% (2015 est.)
country comparison to the world: 93
[see also: Unemployment rate country ranks ]

Population below poverty line:
11.2% (2014 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 5.7%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 42.4% (2011 est.)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
42 (2014) 41.7 (2011)
country comparison to the world: 54
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $186.5 billion
[see also: Budget revenues country ranks ]
expenditures: $236.6 billion (2016 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
14.7% of GDP (2016 est.)
country comparison to the world: 190
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-4% of GDP (2016 est.)
country comparison to the world: 136
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
13.7% of GDP (2016 est.) 9.4% of GDP (2015 est.)
note: data cover general government debt, and include 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 in
country comparison to the world: 169
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
7.2% (2016 est.) 15.5% (2015 est.)
country comparison to the world: 189
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
11% (31 December 2015 est.) 17% (31 December 2014)
note: this is the so-called refinancing rate, but in Russia banks do not get refinancing at this rate; this is a reference rate used primarily for fiscal purposes
country comparison to the world: 20
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
12.7% (31 December 2016 est.) 15.73% (31 December 2015 est.)
country comparison to the world: 62
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$199.7 billion (31 December 2016 est.) $151.5 billion (31 December 2015 est.)
country comparison to the world: 23
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$926.8 billion (31 October 2014 est.) $1.087 trillion (31 December 2013 est.)
country comparison to the world: 19
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$818.5 billion (31 December 2016 est.) $603.9 billion (31 December 2015 est.)
country comparison to the world: 17
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$393.2 billion (31 December 2015 est.) $385.9 billion (31 December 2014 est.) $770.7 billion (31 December 2013 est.)
country comparison to the world: 25
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$38.56 billion (2016 est.) $69 billion (2015 est.)
country comparison to the world: 11
[see also: Current account balance country ranks ]

Exports:
$259.3 billion (2016 est.) $341.5 billion (2015 est.)
country comparison to the world: 20
[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:
Netherlands 11.9%, China 8.3%, Germany 7.4%, Italy 6.5%, Turkey 5.6%, Belarus 4.4%, Japan 4.2% (2015)

Imports:
$165.1 billion (2016 est.) $193 billion (2015 est.)
country comparison to the world: 25
[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:
China 19.2%, Germany 11.2%, US 6.4%, Belarus 4.8%, Italy 4.6% (2015)

Reserves of foreign exchange and gold:
$365.5 billion (31 December 2016 est.) $368.4 billion (31 December 2015 est.)
country comparison to the world: 8
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$514.8 billion (31 December 2016 est.) $520.2 billion (31 December 2015 est.)
country comparison to the world: 22
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$348 billion (31 December 2016 est.) $342.9 billion (31 December 2015 est.)
country comparison to the world: 21
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$359.3 billion (31 December 2016 est.) $336.3 billion (31 December 2015 est.)
country comparison to the world: 20
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Russian rubles (RUB) per US dollar - 68.06 (2016 est.) 60.938 (2015 est.) 60.938 (2014 est.) 38.378 (2013 est.) 30.84 (2012 est.)


NOTE: The information regarding Russia on this page is re-published from the 2017 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Russia Economy 2017 information contained here. All suggestions for corrections of any errors about Russia Economy 2017 should be addressed to the CIA.




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