Russia - Economy
How is the economy of Russia? Based on the information we have, Russia has a 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. Key agricultural products in this country include: wheat, sugar beets, milk, barley, potatoes, sunflower seeds, maize, soybeans, chicken, pork (2023).
More about the economy of Russia
| Labor force | 72.313 million (2024 est.) |
|---|---|
| Industrial production growth rate | 3.56% (2023 est.) |
| 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 |
| Population below poverty line | 11% (2021 est.) |
| Taxes and other revenues | 12.4% (of GDP) (2023 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | Russian rubles (RUB) per US dollar - |
| Exchange rates 2023 | 85.162 (2023 est.) |
| Exchange rates 2022 | 68.485 (2022 est.) |
| Exchange rates 2021 | 73.654 (2021 est.) |
| Exchange rates 2020 | 72.105 (2020 est.) |
| Exchange rates 2019 | 64.738 (2019 est.) |
| Debt - external | |
| Debt - external 2022 | $135.301 billion (2022 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2023 | $597.217 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $581.71 billion (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $632.242 billion (2021 est.) |
| Current account balance | |
| Current account balance 2023 | $50.133 billion (2023 est.) |
| Current account balance 2022 | $237.735 billion (2022 est.) |
| Current account balance 2021 | $124.953 billion (2021 est.) |
| Public debt | |
| Public debt 2023 | 19% of GDP (2023 est.) |
| Budget | |
| Revenues | $776.897 billion (2022 est.) |
| Expenditures | $719.521 billion (2022 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 0.13% of GDP (2023 est.) |
| Remittances 2022 | 0.14% of GDP (2022 est.) |
| Remittances 2021 | 0.52% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 2.7% (2021 est.) |
| Highest 10% | 26.6% (2021 est.) |
| Average household expenditures | |
| On food | 25.3% of household expenditures (2023 est.) |
| On alcohol and tobacco | 5.9% of household expenditures (2023 est.) |
| Imports | |
| Imports 2023 | $379.315 billion (2023 est.) |
| Imports 2022 | $347.384 billion (2022 est.) |
| Imports 2021 | $376.923 billion (2021 est.) |
| Imports (partners) | China 53%, Turkey 5%, Germany 5%, Kazakhstan 5%, Italy 2% (2023) |
| Comodities Imports force | cars, packaged medicine, broadcasting equipment, garments, plastic products (2023) |
| Exports | |
| Imports 2023 | $379.315 billion (2023 est.) |
| Imports 2022 | $347.384 billion (2022 est.) |
| Imports 2021 | $376.923 billion (2021 est.) |
| Exports (partners) | China 33%, India 17%, Turkey 8%, Kazakhstan 4%, Brazil 3% (2023) |
| Comodities Exports force | crude petroleum, refined petroleum, natural gas, coal, fertilizers (2023) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $5.816 trillion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $5.614 trillion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $5.732 trillion (2021 est.) |
| GDP (official exchange rate) | $2.021 trillion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $39,800 (2023 est.) |
| Real GDP per capita 2022 | $38,300 (2022 est.) |
| Real GDP per capita 2021 | $38,900 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 3.3% (2023 est.) |
| Industry | 30.6% (2023 est.) |
| Services | 56.9% (2023 est.) |
| GDP - composition, by end use | |
| Household consumption | 49.8% (2023 est.) |
| Government consumption | 18.5% (2023 est.) |
| Investment in fixed capital | 21.9% (2023 est.) |
| Investment in inventories | 3.8% (2023 est.) |
| Exports of goods and services | 23.1% (2023 est.) |
| Imports of goods and services | -18.7% (2023 est.) |
| Unemployment rate | |
| Unemployment rate 2024 | 2.5% (2024 est.) |
| Unemployment rate 2023 | 3.1% (2023 est.) |
| Unemployment rate 2022 | 3.9% (2022 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 9.3% (2024 est.) |
| Male | 8.8% (2024 est.) |
| Female | 9.8% (2024 est.) |
All Important Facts about Russia
Want to know more about Russia? Check all different factbooks for Russia below.
