Economy of Russia
Economy of Russia
Currency
Russian ruble (RUB)
Fiscal year
calendar year
Trade
organisations
CIS, APEC, EURASEC
Statistics
GDP
$2.076 trillion (2007 est.)
GDP growth
8.1% (2007 est.)[1]
GDP per capita $14,600 (2007 est.)
GDP by sector
agriculture: 4.6%, industry
39.1%, services 56.3% (2007
est.)
Inflation (CPI)
11.9% (2007 est.)
Population
below poverty
line
15.8% (2007 est.)
Labour force
75.1 million (2007 est.)
Labour force
by occupation
agriculture 10.8%, industry
21.9%, services 60.1% (2005
est.)
Unemployment 5.9% (2007)
External
Exports
$476 billion (2008 est.)
Main export
partners
Netherlands 12.3%,
Germany 8.4%, Italy 8.6%,
the People’s Republic of
China 5.4%, Ukraine 5.1%,
Turkey 4.9%, Switzerland
4.1% (2006)
Imports
$302 billion (2008 est.)
Main import
partners
Germany 13.9%, the
People’s Republic of China
9.7%, Ukraine 7%, Japan
5.9%, South Korea 5.1%,
United States 4.8%, France
4.4%, Italy 4.3% (2006)
Public finances
Public Debt
7% of GDP (2007 est.)
Revenues
$341.7 billion (2007 est.)
Expenses
$243.7 billion (2007 est.)
All values, unless otherwise stated, are in US
dollars
Russia is a unique emerging market, in the
sense that being the nucleus of a former su-
perpower shows more anomalies. On one
hand,
its exports are primarily resource
based, and on the other, it has a pool of tech-
nical talent in aerospace, nuclear engineer-
ing, and basic sciences. How this peculiar
emerging market integrates itself into the
world economy over the coming decade is a
story as significant in today’s world as the
reemergence of India & China.
Historical background
For about 60 years, the Russian economy and
that of the rest of the Soviet Union operated
on the basis of a centrally planned economy,
viz. state control over virtually all means of
production and over investment, production,
and consumption decisions throughout the
economy. Economic policy was made accord-
ing to directives from the Communist Party,
which controlled all aspects of economic
activity. Since the collapse of Communism in
the