The economic architecture of Russia is substantial, anchored by a Gross Domestic Product (GDP) of approximately $2.02T
2023
. This places it as the 11th largest economy out of 191 countries measured, underscoring its significance on the world stage. On a per capita basis, GDP stands at $13.82K
2023
, while its GDP adjusted for Purchasing Power Parity (PPP) is estimated at $6.45T, offering a clearer picture of the population's domestic purchasing power. The economy demonstrates solid, consistent growth, expanding at a healthy rate of 3.6%
2023
, while managing moderate inflation, with a CPI of 6.7%.
2021
On the global stage, Russia's trade and financial dynamics reveal a complex interplay of international and domestic factors. The country exhibits a balanced trade profile, with exports making up 23.1% of GDP and imports 18.7%
2023
. The investment climate attracts significant Foreign Direct Investment (FDI), with inflows constituting -0.50% of the economy
2023
. This performance positions the country 169th globally out of 186 nations, confirming its status as a competitive destination for foreign capital. Furthermore, personal remittances from its diaspora are a vital component of the economy, amounting to a substantial $2.55B annually
2023
. The government operates under fiscal constraints, with a limited tax base that generates revenue equivalent to only 12.4% of GDP.
2023
The socio-economic landscape is characterized by a Gross National Income (GNI) per capita of $14,250
2023
, ranking the nation 60th out of 190. This figure provides a comprehensive measure of the average income per person, reflecting the nation's overall economic well-being. The labor market demonstrates considerable strength, with a low unemployment rate of 2.5%, suggesting conditions close to full employment.
2024
A key feature of the workforce is its concentration in the services sector, which accounts for 67.9% of total employment
2023
. Despite its economic standing, poverty remains a salient issue, with 12.1% of the population living below the national poverty line
2020
. The nation exhibits a moderate degree of income inequality, with a Gini index of 35.1.
2021
In the environmental and energy sectors, the nation's policies and outcomes reflect its developmental priorities. Energy consumption per capita stands at 5,601.084 kg of oil equivalent
2022
, a metric that often correlates with industrial activity and living standards. The energy portfolio remains heavily dependent on conventional sources, with renewables contributing a modest 3.5%
2021
. This commitment places it 29th among 190 countries, highlighting its relative progress in decarbonization. Total greenhouse gas emissions were last recorded at 2.67M tonnes of CO2 equivalent
2023
, a key factor in its national climate strategy and international obligations.

Key Economic Insights

Macroeconomic Health

Balancing growth, inflation, and employment remains the core challenge for economic stewardship.

Trade & Investment Profile

The orientation towards global trade and foreign investment is a defining feature of the economic landscape.

Social Equity & Distribution

Ensuring equitable distribution of economic gains is fundamental for long-term social and political stability.

Energy & Sustainability

A heavy dependence on fossil fuels poses significant long-term risks, including exposure to price volatility, energy insecurity, and climate change impacts.

More About This Country

Neighbors & Regional Peers

Note: The information on this page has been compiled from authoritative sources. While every effort is made to ensure accuracy, please note that some figures may not be current or entirely precise.