Russian Federation

Economics, Political, and Trade Overview

Source: Feb 10, 2022 Economist Intelligence Unit

Russian Federation - In Short.

Overview of Russian Federation

Founded in the 12th century, the Principality of Muscovy was able to emerge from over 200 years of Mongol domination (13th-15th centuries) and to gradually conquer and absorb surrounding principalities. In the early 17th century, a new ROMANOV Dynasty continued this policy of expansion across Siberia to the Pacific. Under PETER I (ruled 1682-1725), hegemony was extended to the Baltic Sea and the country was renamed the Russian Empire. During the 19th century, more territorial acquisitions were made in Europe and Asia. Defeat in the Russo-Japanese War of 1904-05 contributed to the Revolution of 1905, which resulted in the formation of a parliament and other reforms. Devastating defeats and food shortages in World War I led to widespread rioting in the major cities of the Russian Empire and to the overthrow in 1917 of the ROMANOV Dynasty. The communists under Vladimir LENIN seized power soon after and formed the USSR. The brutal rule of Iosif STALIN (1928-53) strengthened communist rule and Russian dominance of the Soviet Union at a cost of tens of millions of lives. After defeating Germany in World War II as part of an alliance with the US (1939-1945), the USSR expanded its territory and influence in Eastern Europe and emerged as a global power. The USSR was the principal adversary of the US during the Cold War (1947-1991). The Soviet economy and society stagnated in the decades following Stalin’s rule, until General Secretary Mikhail GORBACHEV (1985-91) introduced glasnost (openness) and perestroika (restructuring) in an attempt to modernize communism, but his initiatives inadvertently released forces that by December 1991 led to the dissolution of the USSR into Russia and 14 other independent states. Following economic and political turmoil during President Boris YELTSIN’s term (1991-99), Russia shifted toward a centralized authoritarian state under President Vladimir PUTIN (2000-2008, 2012-present) in which the regime seeks to legitimize its rule through managed elections, populist appeals, a foreign policy focused on enhancing the country’s geopolitical influence, and commodity-based economic growth. Russia faces a largely subdued rebel movement in Chechnya and some other surrounding regions, although violence still occurs throughout the North Caucasus.
Value
Country Full Name
Russian Federation
Country Code
RUS
Region
Europe & Central Asia
Income Group
Upper middle income
Currency Unit
GDP
1.48E+12
Population
144104080
Land Area
16376870
Net National Income Per Capita
8066.009802
GDP per Capita (PPP)
29812.21025

2020 GDP Growth Rate (Current USD)

2020 GDP Per Capita (Current USD)

2020 Urbanization Rate (%)

2020 Total Fertility Rate (Birth Per Woman)

Doing Business Score (100= Most Friendly)

Russian Federation - Economic

Economy of Russian Federation

Russia has undergone significant changes since the collapse of the Soviet Union, moving from a centrally planned economy towards a more market-based system. Both economic growth and reform have stalled in recent years, however, and Russia remains a predominantly statist economy with a high concentration of wealth in officials’ hands. Economic reforms in the 1990s privatized most industry, with notable exceptions in the energy, transportation, banking, and defense-related sectors. The protection of property rights is still weak, and the state continues to interfere in the free operation of the private sector.Russia is one of the world’s leading producers of oil and natural gas, and is also a top exporter of metals such as steel and primary aluminum. Russia is heavily dependent on the movement of world commodity prices as reliance on commodity exports makes it vulnerable to boom and bust cycles that follow the volatile swings in global prices. The economy, which had averaged 7% growth during the 1998-2008 period as oil prices rose rapidly, has seen diminishing growth rates since then due to the exhaustion of Russia’s commodity-based growth model.A combination of falling oil prices, international sanctions, and structural limitations pushed Russia into a deep recession in 2015, with GDP falling by close to 2.8%. The downturn continued through 2016, with GDP contracting another 0.2%, but was reversed in 2017 as world demand picked up. Government support for import substitution has increased recently in an effort to diversify the economy away from extractive industries.

Unemployment Rate

Inflation Rate

Russian Federation - GDP Composition

GDP Composiiton & Value Added of Russian Federation

Last Updated: Jan, 2021, Updated For 2020.

Russian Federation - GDP, Value Added

Demographics of Russian Federation

population is heavily concentrated in the westernmost fifth of the country extending from the Baltic Sea, south to the Caspian Sea, and eastward parallel to the Kazakh border; elsewhere, sizeable pockets are isolated and generally found in the south
Geographic Location

North Asia bordering the Arctic Ocean, extending from Europe (the portion west of the Urals) to the North Pacific Ocean

Races

Russian 77.7%, Tatar 3.7%, Ukrainian 1.4%, Bashkir 1.1%, Chuvash 1%, Chechen 1%, other 10.2%, unspecified 3.9% (2010 est.)note: nearly 200 national and/or ethnic groups are represented in Russia's 2010 census

Languages

Russian (official) 85.7%, Tatar 3.2%, Chechen 1%, other 10.1%; note - data represent native language spoken (2010 est.)major-language

Religion

Russian Orthodox 15-20%, Muslim 10-15%, other Christian 2% (2006 est.)note: estimates are of practicing worshipers; Russia has large populations of non-practicing believers and non-believers, a legacy of over seven decades of official atheism under Soviet rule; Russia officially recognizes Orthodox Christianity, Islam, Judaism, and Buddhism as the country's traditional religions

Dependency & Expectancy of Russian Federation

Last Updated: Jan, 2021

Dependency Ratio

Expectancy

Politics & Policies of Russian Federation

2021 Policies Overview

Updated Coming in March 2021 after our team finish summarizing countries policy.

International Organizations

APEC, Arctic Council, ARF, ASEAN (dialogue partner), BIS, BRICS, BSEC, CBSS, CD, CE, CERN (observer), CICA, CIS, CSTO, EAEC, EAEU, EAPC, EAS, EBRD, FAO, FATF, G-20, GCTU, IAEA, IBRD, ICAO, ICC (national committees), ICRM, IDA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM (observer), IPU, ISO, ITSO, ITU, ITUC (NGOs), LAIA (observer), MIGA, MINURSO, MONUSCO, NEA, NSG, OAS (observer), OIC (observer), OPCW, OSCE, Paris Club, PCA, PFP, SCO, UN, UNCTAD, UNESCO, UNHCR, UNIDO, UNISFA, UNMIL, UNMISS, UNOCI, UN Security Council (permanent), UNTSO, UNWTO, UPU, WCO, WFTU (NGOs), WHO, WIPO, WMO, WTO, ZC

Import of Russian Federation

Export of Russian Federation

Import Destination

Export Destination