Allo' Expat Russia - Connecting Expats in Russia
Main Homepage
Allo' Expat Russia Logo


Subscribe to Allo' Expat Newsletter
 
Check our Rates
   Information Center Russia
Russia General Information
 
History of Russia
Russia Culture
Russia Cuisine
Russia Geography
Russia Population
Russia Government
Russia Economy
Russia Communications
Russia Transportations
Russia Military
Russia Transnational Issues
Russia Healthcare
Russia People, Language & Religion
Russia Expatriates Handbook
Russia and Foreign Government
Russia General Listings
Russia Useful Tips
Russia Education & Medical
Russia Travel & Tourism Info
Russia Lifestyle & Leisure
Russia Business Matters
  Sponsored Links


Check our Rates

Russia Economy
 
 
 
 
 
 

General

Since the turn of the century, rising oil prices, increased foreign investment, higher domestic consumption and greater political stability have bolstered economic growth in Russia. The country ended 2007 with its ninth straight year of growth, averaging 7% annually since the financial crisis of 1998. In 2007, Russia's GDP was US$2.076 trillion (est. PPP), the 7th largest in the world, with GDP growing 8.1% from the previous year. Growth was primarily driven by non-traded services and goods for the domestic market, as opposed to oil or mineral extraction and exports. The average salary in Russia was US$640 per month in early 2008, up from US$80 in 2000. Approximately 14% of Russians lived below the national poverty line in 2007, significantly down from 40% in 1998 at the worst of the post-Soviet collapse. Unemployment in Russia was at 6% in 2007, down from about 12.4% in 1999.

Russia has the world's largest natural gas reserves, the second largest coal reserves and the eighth largest oil reserves. It is the world's leading natural gas exporter and the second leading oil exporter. Oil, natural gas, metals and timber account for more than 80% of Russian exports abroad. Since 2003, however, exports of natural resources started decreasing in economic importance as the internal market strengthened considerably. Despite higher energy prices, oil and gas only contribute to 5.7% of Russia's GDP and the government predicts this will drop to 3.7% by 2011. Oil export earnings have allowed Russia to increase its foreign reserves from US$12 billion in 1999 to some US$470 billion at the end of 2007, the third largest reserves in the world. The country has also been able to substantially reduce its formerly massive foreign debt.

Russia is also considered well ahead of most other resource-rich countries in its economic development, with a long tradition of education, science and industry. The country has more higher education graduates than any other country in Europe. The economic development of the country, though, has been uneven geographically with the Moscow region contributing a disproportionately high amount of the country's GDP Much of Russia, especially indigenous and rural communities in Siberia, lags significantly behind. Nevertheless, the middle class has grown from just 8 million persons in 2000 to 55 million persons in 2006. Russia is home to the largest number of billionaires in the world after the United States, gaining 50 billionaires in 2007 for a total of 110.


See more information on the next page... (next)


 

 
 

   



 


copyrights © AlloExpat.com
2015 | Policy