Indicators of economy in Russia
The essential economic performance of a country is reflected by the gross domestic product, the total of all goods and services sold. Worldwide gross domestic product in 2021 was at about 12,183 USD per capita. GDP in Russia, on the other hand, reached USD 12,400 per capita, or 1.779 trillion USD for the whole country. Russia is therefore one of the world's largest economies and is currently at rank 11. If this is calculated per inhabitant, taking purchasing power parity into account, then Russia ranks 49th in the list of the richest countries.Inflation in Russia in 2021 was around 6.69%. Within the EU, the average in the same year was 9.22 percent. In the United States, it was most recently 8.00%.
The index for perceived corruption in the public sector is 28, which is rather poor by global standards.
Back to overview: 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
Russia Total | Russia per capita | EU Total | EU per capita | |
---|---|---|---|---|
GDP | 1.779 tn USD | 12,400.08 USD | 17.177 tn USD | 33,384.92 USD |
Gross national product | 1.694 tn USD | 11,806.29 USD | 16.895 tn USD | 32,835.37 USD |
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
› Debt budget development
› Development of inflation
› Corruption in Russia
› Cost of living in a global comparison
› Development of inflation
› Corruption in Russia
› Cost of living in a global comparison
Imports and Exports 2021
Russia Total | Russia per capita | EU Total | EU per capita | |
---|---|---|---|---|
Imports | 379.47 bn USD | 2,645.33 USD | 8.916 tn USD | 17,329.02 USD |
Exports | 549.77 bn USD | 3,832.52 USD | 9.554 tn USD | 18,569.19 USD |
Development of imports and exports in billions of USD 1994 - 2021
Exports
Imports