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Economy of Russia - statistics & facts

Russia was the eleventh largest economy in the world in 2020, with its gross domestic product measured at 1.46 trillion U.S. dollars. In the global ranking by nominal GDP, Russia was positioned between the Republic of Korea and Brazil. At approximately 27.4 thousand U.S. dollars, the average wealth per capita in Russia ranked 92nd highest worldwide in 2019, far behind the United States and most European countries. Furthermore, inequality was observed in society, as 46 percent of the total income was accumulated by the richest 20 percent, compared to less than six percent by the poorest one fifth.

The economic impact of COVID-19 in Russia

Due to the COVID-19 pandemic, the Russian economy shrank by 3.6 percent in 2020. Among the most negatively affected segments were tourist accommodation, clothing production, and cultural events. The most severe effects of the crisis were observed in the second quarter of that year, during the lockdown. Over that period, Russia saw an increase in unemployment and the number of people living in poverty. The economy started to recover in the second half of 2020, as most restrictions were lifted within the country. The population below the poverty line decreased to 13.5 million, which was the pre-pandemic level. Russia's GDP was forecast to increase to roughly 1.6 trillion U.S. dollars in 2021.

Energy sector is crucial to the Russian economy

Having the largest natural resources value worldwide, Russia was highly dependent on its energy industry. The country was among the leading oil, gas, coal, and steel producers. Coke and refined petroleum products had the highest worth among manufacturing segments. Furthermore, earnings from foreign sales of energy commodities were a major contributor to Russia's federal budget, as mineral products occupied one half of total exports. However, that also made the economy conditional to crude oil prices. Thus, when oil prices fell due to the COVID-19 outbreak and the Russia-Saudi Arabia price war in 2020, the Russian ruble's value against the U.S. dollar and euro saw a decline as well.

The Russian economy under sanctions

In 2014, the United States, European Union members, and other Western countries imposed sanctions on Russian energy, defense, and financial companies after the Crimea annexation, freezing their foreign assets and hindering their investment from abroad. Later on, more sanctions were announced, for example, to react to interference of Russian hackers in domestic affairs of other countries. In 2021, the United States placed sanctions on Russia's government debt, prohibiting financial institutions from purchasing Russia's newly issued sovereign bonds. Furthermore, Russian counter-sanctions in the form of an agricultural embargo from Western countries also had an impact on its economy. As more foods were produced domestically, average consumer food prices significantly increased compared to 2013.

Key figures

The most important key figures provide you with a compact summary of the topic of "Economy of Russia" and take you straight to the corresponding statistics.

National accounts

Income and employment

Prices

Business enterprise

Trade

Services

Interesting statistics

In the following 9 chapters, you will quickly find the 58 most important statistics relating to "Economy of Russia".

Economy of Russia

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Economy of Russia - statistics & facts

Russia was the eleventh largest economy in the world in 2020, with its gross domestic product measured at 1.46 trillion U.S. dollars. In the global ranking by nominal GDP, Russia was positioned between the Republic of Korea and Brazil. At approximately 27.4 thousand U.S. dollars, the average wealth per capita in Russia ranked 92nd highest worldwide in 2019, far behind the United States and most European countries. Furthermore, inequality was observed in society, as 46 percent of the total income was accumulated by the richest 20 percent, compared to less than six percent by the poorest one fifth.

The economic impact of COVID-19 in Russia

Due to the COVID-19 pandemic, the Russian economy shrank by 3.6 percent in 2020. Among the most negatively affected segments were tourist accommodation, clothing production, and cultural events. The most severe effects of the crisis were observed in the second quarter of that year, during the lockdown. Over that period, Russia saw an increase in unemployment and the number of people living in poverty. The economy started to recover in the second half of 2020, as most restrictions were lifted within the country. The population below the poverty line decreased to 13.5 million, which was the pre-pandemic level. Russia's GDP was forecast to increase to roughly 1.6 trillion U.S. dollars in 2021.

Energy sector is crucial to the Russian economy

Having the largest natural resources value worldwide, Russia was highly dependent on its energy industry. The country was among the leading oil, gas, coal, and steel producers. Coke and refined petroleum products had the highest worth among manufacturing segments. Furthermore, earnings from foreign sales of energy commodities were a major contributor to Russia's federal budget, as mineral products occupied one half of total exports. However, that also made the economy conditional to crude oil prices. Thus, when oil prices fell due to the COVID-19 outbreak and the Russia-Saudi Arabia price war in 2020, the Russian ruble's value against the U.S. dollar and euro saw a decline as well.

The Russian economy under sanctions

In 2014, the United States, European Union members, and other Western countries imposed sanctions on Russian energy, defense, and financial companies after the Crimea annexation, freezing their foreign assets and hindering their investment from abroad. Later on, more sanctions were announced, for example, to react to interference of Russian hackers in domestic affairs of other countries. In 2021, the United States placed sanctions on Russia's government debt, prohibiting financial institutions from purchasing Russia's newly issued sovereign bonds. Furthermore, Russian counter-sanctions in the form of an agricultural embargo from Western countries also had an impact on its economy. As more foods were produced domestically, average consumer food prices significantly increased compared to 2013.

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