Pratik Durge
Pratik Durge

Country Expert Country Expert

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.
In 2018, Russia imported a total of $231B, making it the number 22nd importer in the world.
In 2018, Russia exported a total of $427B, making it the number 13th exporter in the world.
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