Indicators of economy in Russia

Impact of the COVID-19 pandemic

The consequences of the COVID pandemic in 2020 were considerable in Russia. Overall, gross domestic product in 2020 fell from 1.693 trillion US dollars to 1.489 trillion US dollars. With a large drop of 12.03 percent, the economy in Russia has struggled significantly more than other countries. The tourism sector alone slumped by around 71 percent. The unemployment rate rose from 4.5 to 5.6 percent. The inflation rate fell from 4.5 percent previously to 3.4 percent by the end of 2020.

In 2021, there was already a recovery and the gross domestic product increased to 1.779 trillion US dollars (=105.1% of 2019).

Income and purchasing power

The average monthly income in Russia is 968 US Dollar per capita. In the USA, the figure is 5,911 US Dollar. However, the prices of consumer goods are also around 61.5 percent lower than in the USA. If you compare income and price levels, the result is a more expensive life in Russia than in the United States. The bottom line is that the costs do not offset the lower income, and you get about 57.5 percent less.

However, it is also important to remember that this is a purely statistical model. Both the labor output and the type and quality of the goods received always correspond to the national average on both sides of the equation - so they do not necessarily have to match. Here you can also find an international comparison of cost of living and purchasing power.

Unemployment rates in percentages 1991 - 2021

Economic performance 2021

In the Global Innovation Index, Russia ranked 47th in 2022 with 34.3 points. The index is calculated annually by the World Intellectual Property Organization (WIPO) and most recently included 132 countries. The top country was Switzerland with 64.6 points. Out of the 2,000 largest listed companies in the world, 23 originate from Russia. This is determined annually in the Forbes Global 2000 list. The 10 largest companies in the country in 2022 were:

Rank 49: Gazprom (St. Petersburg)
Rank 81: Rosneft (Moscow)
Rank 116: Sberbank (Moscow)
Rank 167: LukOil (Moscow)
Rank 414: Novatek (Moscow)
Rank 450: Norilsk Nickel (Moscow)
Rank 476: Surgutneftegas (Surgut)
Rank 513: VTB Bank (Moscow)
Rank 684: Transneft (Moscow)
Rank 788: Tatneft (Almetyevsk)

Development of gross domestic product in billions of USD 1988 - 2021

Imports and Exports 2021

Development of imports and exports in billions of USD 1994 - 2021