Petroleum crude oil, petroleum refined oils, petroleum gases, ICT, transport, travel and tourism, insurance & finance, gold, platinum, machinery, automotive, electrical goods, electronics, textiles and agriculture are major industries of Russia.
In 2020, Services industry exports was valued at USD 47 billion for Russia. Electronics export accounted for USD 3.82 billion, machinery for USD 8.32 billion, vehicles for USD 4.54 billion, chemicals for USD 23.7 billion, metals for USD 36.3 billion, minerals for USD 152 billion, stones for USD 32.6 billion, textiles for USD 2.03 billion and agriculture for USD 40.2 billion in 2020.
Russia, also officially known as the Russian Federation, is a country situated in northern Eurasia. It is a federal semi-presidential republic. From northwest to southeast, Russia shares land borders with Norway, Finland, Estonia, Latvia, Lithuania and Poland, Belarus, Ukraine, Georgia, Azerbaijan, Kazakhstan, China, Mongolia, and North Korea. It shares maritime borders with Japan by the Sea of Okhotsk and the US State of Alaska across the Bering Strait. At 17,075,400 square km or 6,592,800 square miles, Russia is the largest country in the world, which covers more than 1/8th of the Earth's inhabited land area.
Russia is estimated to have population of 145.275 million in the year 2023 and expected to reach 144.185 million by 2027, decreasing at a CAGR of 0.19%.
Russia’s real gross domestic product (GDP) was RUB 89,156.8 billion in 2020 and while recovering from the COVID-19 impact it increased by 4.53% to be around RUB 93,391.3 billion in 2021. It is further expected to decrease by 0.3% and reach RUB 91,728.97 billion by 2027.
Russia’s unemployment rate was 5.783% of total labor force in 2020. Despite slowdown in global economic activity due to COVID-19 pandemic, the unemployment in Russia decreased by 19.85% and reached 4.825% in 2021. Unemployment is further estimated to decrease by a CAGR of 0.77% and reach 4.605% of total labor force in Russia by 2027.
Russia’s per capita GDP was estimated at USD 14,665.25 whereas purchasing power parity (PPP) based per capita GDP was estimated to be at USD 31,967.03 for the year 2022.
In 2022, Russia government’s revenue was RUB 49,606.39 billion whereas the expenditure was RUB 53,038.77 billion. This resulted in Russia government’s net lending / borrowing negative at RUB 3432.38 billion in 2022 indicating that not enough financial resources were made available by the Russia government to boost economic growth.
The current account balance for Russia was estimated to be positive at USD 259.349 billion for the year 2022 and is expected to further decrease at a CAGR of 22.23% and reach positive USD 73.767 billion by 2027. This positive current account balance indicates that Russia will remain a net lender to rest of the world till 2027.
*If Applicable.