Economy of Russia

Economy of Russia
	The MIBC in Moscow, the financial centre of Russia
Currency	Russian ruble (RUB or руб or ₽)
Fiscal year	Calendar year
Trade organizations	WTO, BRICS, EAEU, CIS, GECF, APEC, G20 and others
Country group	Emerging and developing economy; High-income economy; Natural resource-rich Eurasian economy;
Statistics
Population	146,080,000 (late 2024 census)
GDP	$2.196 trillion (nominal; 2025 est.); $7.130 trillion (PPP; 2025 est.);
GDP rank	11th (nominal; 2025 est.); 4th (PPP; 2025 est.);
GDP growth	3.6% (2023); 4.1% (2024); 1.3% (2025);
GDP per capita	$15,077 (nominal; 2025 est.); $48,957 (PPP; 2025 est.);
GDP per capita rank	65th (nominal; 2024); 43rd (PPP; 2024);
GDP by sector	Agriculture: 5.6%; Industry: 26.6%; Services: 67.8%; (2022 est.);
Inflation (CPI)	5.9% (2023); 7.9% (2024); 5.9% (2025);
Population below poverty line	11% (2021)
Gini coefficient	35.1 medium (2021, World Bank)
Human Development Index	0.821 very high maximum (2022, 52nd); 0.747 high real (2022, 43rd);
Corruption Perceptions Index	26 out of 100 points (2023, 141st rank)
Labor force	73,184,751 (2023); 60.8% employment rate (2023);
Labor force by occupation	Agriculture: 9.4%; Industry: 27.6%; Services: 63%; (2016 est.);
Unemployment	2.6% (April 2024);
Average gross salary	RUB 91,000 / €1,019 per month
Average net salary	RUB 78,590 / €880 per month
Main industries	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; defence industries (including radar, missile production, advanced electronic components), 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
External
Exports	$465.43 billion (2023)
Export goods	Crude petroleum, refined petroleum, natural gas, coal, wheat, iron (2019)
Main export partners	China 34.8% Hong Kong 2.1%; ; India 16.8%; Turkey 7.9%; Kazakhstan 4.1% (2023);
Imports	$378.61 billion (2023)
Import goods	Cars and vehicle parts, packaged medicines, broadcasting equipment, aircraft, computers (2019)
Main import partners	China 54.3% Hong Kong 1.3%; ; Turkey 5.2%; Germany 4.7%; Kazakhstan 4.7% (2023);
FDI stock	Inward: $38 billion (2021); Outward: $64 billion (2021);
Current account	$55.830 billion (2024); 2.714% of GDP (2024);
Gross external debt	$381.77 billion (December 2022)
Public finances
Government debt	38,362 ₽ trillion (2024); 35.7% of GDP (2024);
Foreign reserves	$606.7 billion (July 2024) (4th)
Budget balance	3.8% of GDP (2022)
Revenues	65,808 ₽ trillion (2024); 35.61% of GDP (2024)
Expenses	69,334 ₽ trillion (2024); 37.52% of GDP (2024)
Credit rating	Standard & Poor's:; SD (Domestic); SD (Foreign); SD (T&C Assessment); Outlook: N/A; Moody's:; Ca; Outlook: Negative; Fitch:; C; Outlook: N/A;
	All values, unless otherwise stated, are in US dollars.

The economy of Russia is an emerging and developing, high-income, industrialized, mixed market-oriented economy. It has the eleventh-largest economy in the world by nominal GDP and the fourth-largest economy by GDP (PPP). Due to a volatile currency exchange rate, its GDP measured in nominal terms fluctuates sharply. Russia was the last major economy to join the World Trade Organization (WTO), becoming a member in 2012.

Russia has large amounts of energy resources throughout its vast landmass, particularly natural gas and petroleum, which play a crucial role in its energy self-sufficiency and exports. The country has been widely described as an energy superpower; with it having the largest natural gas reserves in the world, the second-largest coal reserves, the eighth-largest oil reserves, and the largest oil shale reserves in Europe. Russia is the world's leading natural gas exporter, the second-largest natural gas producer, the second-largest oil exporter and producer, and the third-largest coal exporter. Its foreign exchange reserves are the fifth-largest in the world. Russia has a labour force of about 73 million people, which is the eighth-largest in the world. It is the third-largest exporter of arms in the world. The large oil and gas sector accounted up to 30% of Russia's federal budget revenues in 2024, down from 50% in the mid-2010s, suggesting economic diversification.

Russia's human development is ranked as "very high" in the annual Human Development Index. Roughly 70% of Russia's total GDP is driven by domestic consumption, and the country has the world's twelfth-largest consumer market. Its social security system comprised roughly 16% of the total GDP in 2015. Russia has the fifth-highest number of billionaires in the world. However, its income inequality remains comparatively high, caused by the variance of natural resources among its federal subjects, leading to regional economic disparities. High levels of corruption, a shrinking labor force, and an aging and declining population also remain major barriers to future economic growth.

Following the 2022 Russian invasion of Ukraine, the country has faced extensive sanctions and other negative financial actions from the Western world and its allies which have the aim of isolating the Russian economy from the Western financial system. However, Russia's economy has shown resilience to such measures broadly, and has maintained economic stability and growth—driven primarily by high military expenditure, rising household consumption and wages, low unemployment, and increased government spending. Yet, inflation has remained comparatively high, with experts predicting the sanctions will have a long-term negative effect on the Russian economy.