Russian Economy

Russia is the wealthiest country in the world in terms ofresources. It has the highest volumes of forests, water lakes,40% of world palladium and 10% of world oil and gasreserves. It is a mixed economy with state acquiring majorsectors of the economy.Market reforms of 1999 privatized much of the Russianagriculture and industry sector.It was surprising that privatization also occurred in theenergy and defense rated fieldsWith currency rubble Russia stands at 12th position in termsof GDP which is about $1.350 trillion.She place herself at 6th position when it comes to comparingits PPP(Purchasing Power Parity) i.e., 3.938 trillion dollarsThe Russian is rising every year with an average GDPgrowth rate of 1.7%.The sectors that accounts for the whole of the GDP ofRussia are agriculture (4.7%), industry (33.1%) and services(66.2%).In Russia 13.4% of total population is living below povertylineThe labor force of Russia stands at 76.9 million.The unemployment rate in Russia is 5.4%If you ask the per capita monthly income of a Russian thani.e., 565$ or 32,746 RUB.Main industries operating in Russia are petroleum, naturalgas, coal, chemical, metals, rolling mills, aircraft, space vehiclesand defense equipments.Recently Russia was placed at 40th position in terms of easeof doing business.Russia carry out export of $285.5 billion which mainlyincludes petroleum and petrol products, natural gas, metals,wood and wood products, chemicals, defense and civilianmanufacturers.Main exporting partners of Russia are Netherlands, China,Germany, Italy, Turkey, Belarus and Japan.Russian do imports with counties like China, Germany, UnitedStates, Belarus and Italy. Its total import expenditure is $182.3billion.The main goods that are imported includes machinery,vehicles, pharmaceutical products, meat, fruits and nuts,optical and medical instruments, iron and steel.Russian has been successful in collecting FDI worth $361billion dollars

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