Characteristics of Russian economy
Russia is the wealthiest country in the world in terms of resources. It has the highest volumes of forests, water lakes, 40% of world palladium and 10% of world oil and gas reserves. It is a mixed economy with state acquiring major sectors of the economy.
Market reforms of 1999 privatized much of the Russian agriculture and industry sector.
It was surprising that privatization also occurred in the energy and defense rated fields
With currency rubble Russia stands at 12th position in terms of GDP which is about $1.350 trillion.
She place herself at 6th position when it comes to comparing its PPP(Purchasing Power Parity) i.e., 3.938 trillion dollars
The Russian is rising every year with an average GDP growth rate of 1.7%.
The sectors that accounts for the whole of the GDP of Russia are agriculture (4.7%), industry (33.1%) and services (66.2%).
In Russia 13.4% of total population is living below poverty line
The labor force of Russia stands at 76.9 million.
The unemployment rate in Russia is 5.4%
If you ask the per capita monthly income of a Russian than i.e., 565$ or 32,746 RUB.
Main industries operating in Russia are petroleum, natural gas, coal, chemical, metals, rolling mills, aircraft, space vehicles and defense equipments.
Recently Russia was placed at 40th position in terms of ease of doing business.
Russia carry out export of $285.5 billion which mainly includes petroleum and petrol products, natural gas, metals, wood and wood products, chemicals, defense and civilian manufacturers.
Main exporting partners of Russia are Netherlands, China, Germany, Italy, Turkey, Belarus and Japan.
Russian do imports with counties like China, Germany, United States, Belarus and Italy. Its total import expenditure is $182.3 billion.
The main goods that are imported includes machinery, vehicles, pharmaceutical products, meat, fruits and nuts, optical and medical instruments, iron and steel.
Russian has been successful in collecting FDI worth $361 billion dollars
Strongholds of Russian economy
It is the largest country in the world therefore it is believed that 30% of world’s natural resources exists in Russia because of its vast size.
Various geographical regions in Russia contributes unevenly to Russian economy, with Moscow taking pride in being the highest contributor.
An estimate of World Bank says the total worth of Russia’s natural resources is 75 trillion US$.
A 2012 report says 16% of the total GDP was accounted by the oil and gas sector. This sector was held responsible for 52% of federal budget revenues and over 70% of total exports. Thereby, making Russia the largest exporter of natural gas and second largest exporter of petroleum. This clear indicates that Russian economy is quite dependent on its petroleum reserves and make energy super power of the world.
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