Economy of Russia - statistics & facts

Russia was the eleventh largest economy in the world in 2021, with its gross domestic product measured at 1.78 trillion U.S. dollars. In the global ranking by nominal GDP, Russia was positioned between South Korea and Australia. At approximately 13.7 thousand U.S. dollars, the average wealth per capita in Russia was lower than in other European countries in 2021. Furthermore, inequality was observed in the society, as nearly 47 percent of the total income was accumulated by the richest 20 percent in 2021, compared to five percent by the poorest one fifth.

The impact of the war in Ukraine on the Russian economy

As a consequence of the Russian invasion of Ukraine that started in February 2022, the Russian economy was forecast to drop by 8.5 percent in 2022. The sanctions imposed by Western countries on Russia have led to disruptions to trade flows of Russia's key export and import commodities, such as fossil fuels, technology, and equipment. Thus, the country's economic sectors had to prioritize import substitution and explore other trade partners. For example, import dependence in retail and telecommunications was expected to create additional risks to the these industries' resilience. The sanctions have also contributed to the increase in prices, with inflation predicted to exceed 21.3 percent in 2022. As hundreds of international companies halted activities in Russia in response to the war, their staff faced risks of unemployment. In the food industry alone, the number of employees in largest companies that suspended operations in Russia was measured at 136 thousand.

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 56 percent of total exports. Therefore, energy import bans from Russia were included in sanction packages of several Western countries due to the war in Ukraine. For example, the United States prohibited imports of oil, liquefied natural gas (LNG), and coal from Russia, while the EU banned Russian coal and seaborne oil shipments. While some sanctions are yet to enter into force, Russia's seaborne crude oil exports to Europe were reduced over the first half of 2022, while the shipments to Asia significantly increased.
This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.
Published by Statista Research Department, Aug 31, 2023

Key insights

GDP per capita
15.65k USD
Real GDP growth
-2.07%
Monthly inflation rate in Russia
6%
Get more insights

Editor’s Picks Current statistics on this topic

Average monthly nominal wage in Russia from 1995 to 2021 (in Russian rubles)

Wages & Salaries

Average nominal wage per month in Russia 1995-2021

Russia: Unemployment rate from September 2020 to July 2023

Employment

Unemployment rate in Russia monthly 2020-2023

National debt in Russia from January 2011 to July 2023 (in billion Russian rubles)

Government Finances

National debt in Russia 2011-2023

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