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Concept
Economy of Russia
Summary
The economy of Russia has gradually transformed from a planned economy into a mixed market-oriented economy. It has enormous natural resources, particularly oil and natural gas. It is the world's eleventh-largest economy by nominal GDP, and the sixth-largest by purchasing power parity (PPP). Due to a volatile currency exchange rate, Russia's GDP as measured in dollars fluctuates sharply. Russia's membership to the WTO was accepted in 2011.
Russia's vast geography is an important determinant of its economic activity, with the country holding a large share of the world's natural resources. It has been widely described as an energy superpower; as it has the world's largest natural gas reserves, the second-largest coal reserves, the eighth-largest oil reserves, and the largest oil shale reserves in Europe. It is the world's leading natural gas exporter, the second-largest natural gas producer, and the second-largest oil exporter, and producer. Russia's foreign exchange reserves are the world's fourth-largest. It has a labour force of roughly 70 million people, which is the world's seventh-largest. Russia is the world's third-largest exporter of arms. The oil and gas sector accounted up to roughly 40% of Russia's federal budget revenues, and up to 60% of its exports in 2019. Russia also has the world's fifth-largest number of billionaires.
Russias inequality of household income and wealth remains comparatively high.
Following the 2022 Russian invasion of Ukraine, the country has faced several sanctions and boycotts from the Western world and its allies, to isolate the Russian economy from the Western financial system. In spite of economic sanctions, Russia's economy appears relatively resilient.
Economic history of the Russian Federation and Economy of the Soviet Union
The Russian economy is volatile. Since 1989 its institutional environment was transformed from a socialist command economy to a capitalistic market system. Its industrial structure dramatically shifted away from heavy investment in manufacturing and agriculture toward market services, oil, gas, and mining.
Official source
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