Russia Economy - 2024

Economic overview

natural resource-rich Eurasian economy; leading energy exporter to Europe and Asia; decreased oil export reliance; endemic corruption, Ukrainian invasion, and lack of green infrastructure limit investment and have led to sanctions

Real GDP (purchasing power parity)

$4.027 trillion (2022 est.)
$4.078 trillion (2021 est.)
$3.893 trillion (2020 est.)

note: data are in 2017 dollars

Real GDP growth rate

4.75% (2021 est.)
-2.66% (2020 est.)
2.2% (2019 est.)

Real GDP per capita

$27,500 (2022 est.)
$28,000 (2021 est.)
$26,600 (2020 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$1,702,361,000,000 (2019 est.)

Inflation rate (consumer prices)

6.69% (2021 est.)
3.38% (2020 est.)
4.47% (2019 est.)

Credit ratings

Fitch rating: BBB (2019)

Moody's rating: Baa3 (2019)

Standard & Poors rating: BBB- (2018)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 4.7% (2017 est.)

industry: 32.4% (2017 est.)

services: 62.3% (2017 est.)

GDP - composition, by end use

household consumption: 52.4% (2017 est.)

government consumption: 18% (2017 est.)

investment in fixed capital: 21.6% (2017 est.)

investment in inventories: 2.3% (2017 est.)

exports of goods and services: 26.2% (2017 est.)

imports of goods and services: -20.6% (2017 est.)

Agricultural products

wheat, sugar beets, milk, potatoes, barley, sunflower seed, maize, poultry, oats, soybeans

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, 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

4.9% (2021 est.)

Labor force

72.444 million (2021 est.)

Unemployment rate

5.01% (2021 est.)
5.59% (2020 est.)
4.5% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 16.9% (2021 est.)

male: 15.7%

female: 18.4%

Population below poverty line

12.6% (2018 est.)

Gini Index coefficient - distribution of family income

36 (2020 est.)

Average household expenditures

on food: 28% of household expenditures (2018 est.)

on alcohol and tobacco: 7.4% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 2.3%

highest 10%: 32.2% (2012 est.)

Remittances

0.54% of GDP (2021 est.)
0.67% of GDP (2020 est.)
0.62% of GDP (2019 est.)

Budget

revenues: $604.135 billion (2019 est.)

expenditures: $571.465 billion (2019 est.)

Budget surplus (+) or deficit (-)

-1.4% (of GDP) (2017 est.)

Public debt

23.05% of GDP (2020 est.)
17.28% of GDP (2019 est.)
16.17% of GDP (2018 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 intragovernmental debt; intragovernmental 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

Taxes and other revenues

10.83% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

$122.27 billion (2021 est.)
$35.373 billion (2020 est.)
$65.627 billion (2019 est.)

Exports

$631.551 billion (2022 est.)
$550.035 billion (2021 est.)
$381.49 billion (2020 est.)

note: data are in current year dollars

Exports - partners

China 15%, Netherlands 8%, United States 6%, United Kingdom 5%, Italy 5% (2021)

Exports - commodities

crude petroleum, refined petroleum, natural gas, coal, wheat, iron (2019)

Imports

$349.175 billion (2022 est.)
$379.947 billion (2021 est.)
$304.837 billion (2020 est.)

note: data are in current year dollars

Imports - partners

China 25%, Germany 12%, Belarus 6%, South Korea 4%, Poland 3% (2021)

Imports - commodities

cars and vehicle parts, packaged medicines, broadcasting equipment, aircraft, computers (2019)

Reserves of foreign exchange and gold

$632.242 billion (31 December 2021 est.)
$596.77 billion (31 December 2020 est.)
$555.179 billion (31 December 2019 est.)

Debt - external

$479.844 billion (2019 est.)
$484.355 billion (2018 est.)

Exchange rates

Russian rubles (RUB) per US dollar -

Exchange rates:
73.654 (2021 est.)
72.105 (2020 est.)
64.738 (2019 est.)
62.668 (2018 est.)
58.343 (2017 est.)