Russia has undergone significant changes since the collapse of the Soviet Union, moving from a globally-isolated, centrally-planned economy towards a more market-based and globally-integrated economy, but stalling as a partially reformed, 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 and defense-related sectors. The protection of property rights is still weak and the private sector remains subject to heavy state interference. 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's manufacturing sector is generally uncompetitive on world markets and is geared toward domestic consumption. Russia's 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 1998-2008 as oil prices rose rapidly, was one of the hardest hit by the 2008-09 global economic crisis as oil prices plummeted and the foreign credits that Russian banks and firms relied on dried up. Slowly declining oil prices over the past few years and difficulty attracting foreign direct investment have contributed to a noticeable slowdown in GDP growth rates. In late 2013, the Russian Economic Development Ministry reduced its growth forecast through 2030 to an average of only 2.5% per year, down from its previous forecast of 4.0 to 4.2%. In 2014, following Russia's military intervention in Ukraine, prospects for economic growth declined further, with expections that GDP growth could drop as low as zero.
$2.553 trillion (2013 est.)
country comparison to the world: 7
$2.52 trillion (2012 est.)
$2.437 trillion (2011 est.)
1.3% (2013 est.)
country comparison to the world: 165
3.4% (2012 est.)
4.3% (2011 est.)
$18,100 (2013 est.)
country comparison to the world: 77
$17,800 (2012 est.)
$17,100 (2011 est.)
agriculture: 4.2%
industry: 37.5%
services: 58.3% (2013 est.)
11% (2013 est.)
6.8% (2013 est.)
country comparison to the world: 184
5.1% (2012 est.)
75.29 million (2013 est.)
country comparison to the world: 8
agriculture: 9.7%
industry: 27.8%
services: 62.5% (2012)
5.8% (2013 est.)
country comparison to the world: 55 5.5% (2012 est.)
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; defense industries (including radar, missile production,
0.1% (2013 est.)
country comparison to the world: 165
