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Economy of Russia

Russia, formally denoted as Russian Federation, is nation that is located in the Eurasia. The neighborhood countries of Russia comprise Norway, Finland, Estonia, Latvia and Poland. Moscow is the seat of government and largest city of Russia. The estimated GDP of Russia in terms of purchasing power parity (PPP) is $2.553 trillion, which is the seventh largest economy when compared to the economies of other countries. Since the collapse of Soviet Union, Russia has experienced the significant changes in their economic development. The economic reforms that took place in the 1990s in which the idea was to privatize most industries along with some noticeable exemptions in the energy and defense-related sectors facilitated the nation to keep the economy stable. Russia is counted in the leading producers of oil and natural gas and also one of the predominant exporters of metals, like steel and aluminum. Russia also has the diversified kind of agriculture sector that contributes quite well for the betterment of country’s economy. They have a calendar year system for handling the annual fiscal affairs of the nation. Some of the major agriculture products that are grown in Russia include grain, sugar beets, sunflower seeds, vegetables and fruits. The sound and firm industrial sector of Russia comprise coal, gas, chemicals, metals, aircrafts, electronic components, shipbuilding, transportation, medical instruments and handicrafts.

Imports of Russia

Russia is the seventeenth largest importer of the world. The estimated import value of Russia is $341 billion as of 2013. Russia imports high percentage of machinery, vehicles, pharmaceutical products, metal products, instruments and others. The main import partners of Russia include China, Germany, Ukraine, Japan, United States, France and Italy.

Exports of Russia

Russia has been reassessing their policies for enhancing their exports for quite a while. Currently it is the tenth largest exporter of the world. The major export commodities of Russia include petroleum, natural gas, metals, wood and chemicals. The leading export partners of Russia include Netherlands, China, Germany, Italy, Turkey, Ukraine and Belarus.

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Capital
Moscow
Dialing Code
+7
Fiscal Year
Calendar Year
Currency
Russian Federation R (RUB)
GDP
$2,266,000,000,000
Exports
$498.6 billion (2011 est.) | Petroleum And Petroleum Products, Natural Gas, Metals, Wood And Wood Products, Chemicals, And A Wide Variety Of Civilian And Military Manufactures
Imports
$310.1 billion (2011 est.) | Machinery, Vehicles, Pharmaceutical Products, Plastic, Semi-finished Metal Products, Meat, Fruits And Nuts, Optical And Medical Instruments, Iron, Steel
Industries
Complete Range Of Mining And Extractive Industries Producing Coal, Oil, Gas, Chemicals, And Metals; All Forms Of Machine Building From Rolling Mills To High-performance Aircraft And Space Vehicles; Defense Industries Including Radar, Missile Production, And Advanced Electronic Components, Shipbuilding; Road And Rail Transportation Equipment; Communications Equipment; Agricultural Machinery, Tracto