We have provided a few examples below that you can copy and paste to your site: Your data export is now complete. Please do not hesitate to contact me. If in 2018 the industry practically did not replenish the Russian budget, its contribution to GDP was 0.1 percentage points. As of 2012[update], the oil-and-gas sector accounted for 16% of GDP, 52% of federal budget revenues and over 70% of total exports. Russia: Distribution of gross domestic product (GDP) across economic sectors from 2009 to 2019 [Graph]. [95][96] By 2016, the Russian economy rebounded with 0.3% GDP growth and is officially out of the recession. Almaz-Antey's revenue that year was $3.122 billion, and it had a work force of 81,857 people. "Russia: Distribution of Gross Domestic Product (Gdp) across Economic Sectors from 2009 to 2019. We continue to believe that a global vaccine against Covid-19 will not be widely available before at least mid-2021. According to the new decree, by 2015, government-connected companies must double their purchases of Russian technology solutions compared to the 2013 level and their purchasing levels must quadruple by 2018. [127], In the end, the Russian population pays for this corruption. It is also chief regulator and a lender of last resort for the banking industry in Russia. [142], Expecting the area to become more accessible as climate change melts Arctic ice, and believing the area contains large reserves of untapped oil and natural gas, Russian explorers on 2 August 2007 in submersibles planted the Russian flag on the Arctic seabed, staking a claim to energy sources right up to the North Pole. [59] The volume of consumer credit between 2000–2006 increased 45 times, fuelling a boom in private consumption. (billed annually). Trade with CIS countries is up 13.2% to $23.3 billion. Russia bounced back from the August 1998 financial crash with surprising speed. [81], During 2014-2015 a quarter of banks in Russia left the market, the expenses of Russian bank guarantee fund reached 1 trillion roubles plus additional government funds for recapitalisation of banks reached 1.9 trillion roubles. Largest satellite developer is Reshetnev Information Satellite Systems, while NPO Lavochkin is the main developer of interplanetary probes. Accessed November 17, 2020. https://www.statista.com/statistics/271378/distribution-of-gross-domestic-product-gdp-across-economic-sectors-in-russia/, World Bank. As a consequence, in 2009 the IT market in Russia declined by more than 20% in ruble terms and by one-third in euro terms. [82], At the end of 2016, the United States imposed further sanctions on the Russian Federation in response to what the US government said was Russian interference in the 2016 United States elections. The economy of Russia is an upper-middle income[27] mixed and transition economy. Premiums to GDP ratio (total without CHI) in 2013 increased to 1.36% compared to 1.31 a year before. [146], Russia comprises roughly three-quarters of the territory of the former Soviet Union. According to the independent Global Trade Alert, Russia put significant protectionist policies in place. Russia GDP Growth Almost Halves in 2019 Russian economy grew 1.3% in 2019, its lowest rate since 2016. American bankers from JPMorgan and Goldman Sachs advise to invest in gold: review by Chaslau Koniukh. [120], On 1 January 2004, the Government of Russia established the Stabilization fund of the Russian Federation as a part of the federal budget to balance it if oil price falls. Economy Latest Trend Ranking; Composite leading indicator (CLI) Indicator 98.81 Amplitude adjusted Long-term average = 100 Oct-2020 Russia Long-term average = 100 FDI stocks Indicator: 24.0 Outward % of GDP 2019 Russia % of GDP Outward In 2015, Russia main exports are oil and natural gas (62.8% of total exports), ores and metals (5.9%), chemical products (5.8%), machinery and transport equipment (5.4%) and food (4.7%). In 2006, there were more than 300 BWA operator networks, accounting for 5% of market share, with dial-up accounting for 30%, and Broadband Fixed Access accounting for the remaining 65%. [28][29][30] The World Bank estimates the total value of Russia's natural resources at $75 trillion US dollars. [citation needed] The largest firearm manufacturer in the country, Kalashnikov Concern, produces about 95% of all small arms in Russia and supplies to more than 27 countries around the world. [174] Since the year 2000 the IT market has started growth rates of 30–40% a year, growing by 54% in 2006 alone. Russia has the largest reserves, and is the largest exporter, of natural gas. The industrial sector brought 0.5 percentage points into the country’s economy, which is practically the same as the values of the previous period. Gross Domestic Product of Russia fell 3.2 in the second quarter of 2020 compared to the previous quarter. [78] Russia used to have around US$500 billion in forex reserves, but holds US$360 billion in summer 2015 and plans to keep accumulating forex reserves for years to come, until they reach again $500 billion. Russia's strategic trade bloc consisting of Russia, Belarus, and Kazakhstan is responsible for a significant portion of worldwide protectionism during 2013. The IMF was the subject of criticism for lending so much as Russia introduced little of the reforms promised for the money and a large part of these funds could have been "diverted from their intended purpose and included in the flows of capital that left the country illegally".[56][57]. [34] This economic model appeared to show its limits, when after years of strong performance, Russian economy expanded by a mere 1.3% in 2013. The source does not provide any information regarding percentage points not adding up to or exceeding 100 percent. Update, Insights into the world's most important technology markets, Advertising & Media Outlook One of them is the supporting role of the Russian Government. The Trading Economics Application Programming Interface (API) provides direct access to our data. The Gross Domestic Product (GDP) in Russia was worth 1699.90 billion US dollars in 2019, according to official data from the World Bank. [31][32] Russia relies on energy revenues to drive most of its growth. [73] This led to the decline of the Russian ruble and sparked fears of a Russian financial crisis. [77] To balance the state budget in 2015, oil price would need to be around US$74 as opposed to US$104 for 2014. facts. (July 1, 2020). The unemployment rate is 4.6%, which is less by 0.2% than in 2018. [citation needed] The 2014 devaluation of the rouble and imposition of sanctions spurred domestic production, and in 2016 Russia exceeded Soviet grain production levels, and in that year became the world's largest exporter of wheat. According to a survey provided by Financial Times in 2012, Russia was second by economic performance among G20, following Saudi Arabia, based on seven measures: gross domestic product growth, budget deficit and government debt for 2012; economic recovery – output compared with the pre-crisis peak; change in debt since 2009; change in unemployment from 2009 to 2013; and, finally, the deviation of the current account from balance. [66][67][68] A sharp, but brief recession in Russia was followed by a strong recovery beginning in late 2009. If you use our chart images on your site or blog, we ask that you provide attribution via a link back to this page. [70] In 2012 oil, gas and petroleum products accounted for over 70% of total exports. Under the government's cover, outrageous financial manipulations were performed that enriched a narrow group of individuals at key positions of business and government. While in 2018 the IT market, finance and insurance, real estate were actively developing, their growth rates slowed down in 2019, which affected the GDP indicators of the Russian Federation. [43] Corrupt hierarchies characterize different sectors of the economy,[127] including education. This was a major contributing cause to relatively high inflation rates during this period. Although relative indicators of the Russian insurance market returned to pre-crisis levels, the progress is achieved mainly by the increase of life insurance and accident insurance, the input of these two market segments in premium growth in 2013 largely exceeds their share on the market. It periodically changes positions with Saudi Arabia. The rise of these lines is connected, evidently, with the increase in consumer loans, as the total sum of credit obligations of population in 2013 increased by 28% to RUB 9.9 trillion. Main import partners are China (10% of total imports) and Germany (8%). $39 per month* The Ministry of Economic Development of the Russian Federation presented a report on the state of the country’s market for the past year. Historically, from 1994 until 2013, Russia Exports averaged 18668.83 USD million reaching an all-time high of 51338 USD million in December 2011 and a record low of 4087 USD million in January 1994. [121][needs update], Russia has very low debt-to-GDP ratio, it is among the lowest ratios in the world. Despite the slow-down, the economy did pick up in the final half of the year, managing to beat pessimistic forecasts from organizations such as the World Bank and International Monetary Fund (IMF) that had suggested Russia would struggle to record growth above 1%. In 2007, about 1.3 billion passengers[165] and 1.3 billion tons of freight[166] went via Russian Railways. The 1.3% expansion in 2019 was in line with the most recent forecast from the Economy Ministry, which is predicting growth of 1.9% this year. (Forbes ranks each country in a number of categories and draws from multiple sources such as the World Economic Forum, World Bank, and Central Intelligence Agency). The concentration of insurance business is significant across all major segments except compulsory motor third party liability market (CMTPL), as the Top 10 companies in 2013 charged 58.1% premiums in total without compulsory health insurance (CHI). It is also the second-largest exporter of petroleum. Learn more about how Statista can support your business. In terms of value, 2007 has been the most active year with 158 bil. The biggest sector in terms of revenue is system and network integration, which accounts for 28.3% of the total market revenues. Central bank policy evolved following the global financial crisis. [33][34] Russia is considered an "energy superpower". [104] Approximately 19.2 million of Russians lived below the national poverty line in 2016,[105] significantly up from 16.1 million in 2015. In 2009 the industry produced 595,807 light vehicles, down from 1,469,898 in 2008 due to the global financial crisis. According to the Central Bank of Russia 422 insurance companies operate on the Russian insurance market by the end of 2013. The complex demands of the modern economy and inflexible administration overwhelmed and constrained the central planners. The complex demands of the modern economy and inflexible administration overwhelmed and constrained the central planners. The Russian monetary system is managed by the Bank of Russia. [74], According to the Russian economic ministry in July 2014, GDP growth in the first half of 2014 was 1%. Under 2.5% of the population suffer from undernourishment. Facebook: number of monthly active users worldwide 2008-2020, Smartphone market share worldwide by vendor 2009-2020, Number of apps available in leading app stores 2020, Profit from additional features with an Employee Account. [citation needed] Forbes magazine lists Russia as #91 in the best countries for business. Real gross domestic product (GDP) increased at an annual rate of 2.1 percent in the fourth quarter of 2019 (table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. Agriculture accounts for the remaining 2%. In the 1990s Russia was "the largest borrower" from the International Monetary Fund with loans totaling $20 billion. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country. The decree puts special emphasis on purchases of innovation products and technologies. GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. This statistic shows the distribution of the gross domestic product (GDP) across economic sectors in Russia from 2009 to 2019. At the same time premium to GDP ratio net of life and accident insurance remained at the same level of 1.1% as in 2012. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists. USD which translates to 5.456 bil. In 2013, Russia was visited by 28.4 million tourists being the ninth most visited country in the world. Please update this article to reflect recent events or newly available information. Beginning in 1928, the course of the Soviet Union's economy was guided by a series of five-year plans. [127] For example, some experts believe that rapid increases in monthly bills significantly outpacing the rate of inflation are a direct result of high volumes of corruption at the highest levels. [88][89] Russia also has the second-largest volume of illicit money outflows, having lost over $880 billion between 2002 and 2011 in this way. Transportation of cargo and freight turnover of public railway transport", "Table 2.24. The figures are a preliminary reading and similar statistics have been significantly adjusted in recent years. [140] Per capita oil production in Russia, though, is not that high. 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