Russia

Russia

pratik-durge
Partik Durge

Country Expert

Russia Statistics

The economy of Russia is an upper-middle income mixed and transition economy. It is the fifth-largest national economy in Europe, the eleventh-largest nominal GDP in the world, and the fifth-largest by purchasing power parity.
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, the oil-and-gas sector accounted for 16% of GDP, 52% of federal budget revenues and over 70% of total exports.
$ 1
GDP in USD million
1 crores
Population (2019)
1 million
Area ( km. sq. )
Import Of Russia

In 2018, Russia imported a total of $231B, making it the number 22nd importer in the world.
Main Import Countries

Export Of Russia

In 2018, Russia exported a total of $427B, making it the number 13th exporter in the world.
Main Export Countries

Major Sectors

Energy Mining Agriculture Defence Industry Transportation Information Technology

The petroleum industry in Russia is one of the largest in the world. Russia has the largest reserves, and is the largest exporter, of natural gas. It has the second largest coal reserves, the eighth largest oil reserves, and is the largest exporter, or second largest exporter of oil in the world in absolute numbers. It periodically changes positions with Saudi Arabia. The mineral-packed Ural Mountains and the vast fossil fuel (oil, gas, coal), and timber reserves of Siberia and the Russian Far East make Russia rich in natural resources, which dominate Russian exports. Oil and gas exports, specifically, continue to be the main source of hard currency.

Russia is also a leading producer and exporter of minerals and gold. Russia is the largest diamond-producing nation in the world, estimated to produce over 33 million carats in 2013, or 25% of global output valued at over $3.4 billion, with state-owned ALROSA accounting for approximately 95% of all Russian production.
Expecting the area to become more accessible as climate change melts Arctic ice, and believing the area contains large reserves of untapped oil and natural gas, Russian explorers on 2 August 2007 in submersibles planted the Russian flag on the Arctic seabed, staking a claim to energy sources right up to the North Pole.

Russian agriculture began to show signs of improvement due to organizational and technological modernization. Northern areas concentrate mainly on livestock, and the southern parts and western Siberia produce grain. The 2014 devaluation of the rouble and imposition of sanctions spurred domestic production, and in 2016 Russia exceeded Soviet grain production levels, and in that year became the world's largest exporter of wheat. In 2016 agriculture surpassed the arms industry as Russia's second largest export sector after oil and gas. As of 2020, Russia faces problems of over-nutrition with over 23% of the adults obese and over 57% overweight. Under 2.5% of the population suffer from undernourishment.

Russia's defence industry employs 2.5 – 3 million people, accounting for 20% of all manufacturing jobs. Russia is the world's second largest conventional arms exporter after the United States. The largest firearm manufacturer in the country, Kalashnikov Concern, produces about 95% of all small arms in Russia and supplies to more than 27 countries around the world.
The most popular types of weaponry bought from Russia are Sukhoi and MiG fighters, air defence systems, helicopters, battle tanks, armoured personnel carriers and infantry fighting vehicles. The research organization Centre for Analysis of Strategies and Technologies ranked the air defence system producer Almaz-Antey as the industry's most successful company in 2007, followed by aircraft-maker Sukhoi. Almaz-Antey's revenue that year was $3.122 billion, and it had a work force of 81,857 people.

Russian Railways accounts for 2.5% of Russia's GDP. The percentage of freight and passenger traffic that goes by rail is unknown, since no statistics are available for private transportation such as private automobiles or company-owned trucks. In 2007, about 1.3 billion passengers and 1.3 billion tons of freight went via Russian Railways. In 2007 the company owned 19,700 goods and passenger locomotives, 24,200 passenger cars (carriages) (2007) and 526,900 freight cars (goods wagons) (2007). A further 270,000 freight cars in Russia are privately owned. In 2009 Russia had 128,000 kilometres of common-carrier railroad line, of which about half was electrified and carried most of the traffic; over 40% was double track or better.

The IT market is one of the most dynamic sectors of the Russian economy. Russian software exports have risen from just $120 million in 2000 to $3.3 billion in 2010. Since the year 2000 the IT market has started growth rates of 30–40% a year, growing by 54% in 2006 alone. The biggest sector in terms of revenue is system and network integration, which accounts for 28.3% of the total market revenues. Meanwhile, the fastest growing segment of the IT market is offshore programming.
Currently, Russia controls 3% of the offshore software development market and is the third leading country (after India and China) among software exporters. Russia is one of the few countries in the world with a home grown internet search engine who owns a relevant market share as the Russian-based search engine Yandex is used by 53.8% of internet users in the country.

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