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Economy overview
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Russia ended 2003 with its fifth straight year of growth, averaging 6.5% annually since the financial crisis of 1998. Although high oil prices and a relatively cheap ruble are important drivers of this economic rebound, since 2000 investment and consumer-driven demand have played a noticeably increasing role. Real fixed capital investments have averaged gains greater than 10% over the last four years and real personal incomes have averaged increases over 12%. Russia has also improved its international financial position since the 1998 financial crisis, with its foreign debt declining from 90% of GDP to around 28%. Strong oil export earnings have allowed Russia to increase its foreign reserves from only $12 billion to some $80 billion. These achievements, along with a renewed government effort to advance structural reforms, have raised business and investor confidence in Russia's economic prospects. Nevertheless, serious problems persist. Oil, natural gas, metals, and timber account for more than 80% of exports, leaving the country vulnerable to swings in world prices. Russia's manufacturing base is dilapidated and must be replaced or modernized if the country is to achieve broad-based economic growth. Other problems include a weak banking system, a poor business climate that discourages both domestic and foreign investors, corruption, local and regional government intervention in the courts, and widespread lack of trust in institutions. In addition, a string of investigations launched against a major Russian oil company, culminating with the arrest of its CEO in the fall of 2003, have raised concerns by some observers that President PUTIN is granting more influence to forces within his government that desire to reassert state control over the economy.
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GDP
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purchasing power parity - $1.282 trillion (2004 est.)
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GDP - real growth rate
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7.3% (2004 est.)
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GDP - per capita
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purchasing power parity - $8,900 (2004 est.)
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GDP - composition by sector
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agriculture: 5.2%
industry: 35.1%
services: 59.8% (2004 est.)
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Investment gross fixed
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18.2% of GDP (2004 est.)
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Population below poverty line
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25% (January 2003 est.)
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Household income or consumption by percentage share
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lowest 10%: 5.9%
highest 10%: 47% (2001)
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Distribution of family income - Gini index
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39.9 (2001)
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Inflation rate consumer prices
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13.7% (2004 est.)
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Labor force
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71.68 million (2004 est.)
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Labor force by occupation
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agriculture 12.3%, industry 22.7%, services 65% (2002 est.)
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Unemployment rate
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8.5% plus considerable underemployment (2004 est.)
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Budget
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revenues: $83.99 billion
expenditures: $73.75 billion, including capital expenditures of NA (2004 est.)
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Public debt
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34.1% of GDP (2004 est.)
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Agriculture products
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grain, sugar beets, sunflower seed, vegetables, fruits; beef, milk
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Industries
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complete range of mining and extractive industries producing coal, oil, gas, chemicals, and metals; all forms of machine building from rolling mills to high-performance aircraft and space vehicles; shipbuilding; road and rail transportation equipment; communications equipment; agricultural machinery, tractors, and construction equipment; electric power generating and transmitting equipment; medical and scientific instruments; consumer durables, textiles, foodstuffs, handicrafts
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Industrial production growth rate
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7% (2004 est.)
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Electricity production
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915 billion kWh (2003)
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Electricity production by source
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fossil fuel: 66.3%
hydro: 17.2%
other: 0.1% (2003)
nuclear: 16.4%
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Electricity consumption
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773 billion kWh (2001)
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Electricity exports
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21.16 billion kWh (2001)
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Electricity imports
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7 billion kWh (2001)
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Oil production
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7.286 million bbl/day (2004 est.)
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Oil consumption
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2.595 million bbl/day (2001 est.)
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Oil exports
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NA (2001)
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Oil imports
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NA (2001)
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Oil proved reserves
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51.22 billion bbl (1 January 2002)
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Natural gas production
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580.8 billion cu m (2001 est.)
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Natural gas consumption
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408.1 billion cu m (2001 est.)
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Natural gas exports
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205.4 billion cu m (2001 est.)
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Natural gas imports
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32.7 billion cu m (2001 est.)
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Natural gas proved reserves
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47.86 trillion cu m (1 January 2002)
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Current account balance
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$35.91 billion (2004 est.)
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Exports
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$134.4 billion (2004 est.)
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Exports commodities
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petroleum and petroleum products, natural gas, wood and wood products, metals, chemicals, and a wide variety of civilian and military manufactures
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Exports partners
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Germany 7.8%, Netherlands 6.5%, Italy 6.3%, China 6.2%, Belarus 5.7%, Ukraine 5.7%, US 4.6%, Switzerland 4.4% (2003)
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Imports
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$74.8 billion (2003 est.)
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Imports commodities
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machinery and equipment, consumer goods, medicines, meat, sugar, semifinished metal products
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Imports partners
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Germany 14%, Belarus 8.6%, Ukraine 7.7%, China 5.8%, US 5.2%, Kazakhstan 4.7%, Italy 4.2%, France 4.1% (2003)
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Reserves of foreign exchange gold
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$76.94 billion (2004 est.)
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Debt external
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$175.9 billion (2004 est.)
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Economic aid recipient
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in FY01 from US, $979 million (including $750 million in non-proliferation subsidies); in 2001 from EU, $200 million (2000 est.)
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Currency
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Russian ruble (RUR)
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Currency code
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RUR
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Exchange rates
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Russian rubles per US dollar - 30.692 (2003), 31.3485 (2002), 29.1685 (2001), 28.1292 (2000), 24.6199 (1999)
note: the post-1 January 1998 ruble is equal to 1,000 of the pre-1 January 1998 rubles
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Fiscal year
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calendar year
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This information was reproduced in part from the CIA World Fact book.
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