Topic: Economy of Russia (2024)

Table of Contents
The impact of the war in Ukraine on the Russian economy Energy sector is crucial to the Russian economy Key insights Editor’s Picks Current statistics on this topic Current statistics on this topic Related topics Recommended Recommended statistics Gross domestic product Gross domestic product Government finances Government finances Employment & wages Employment & wages Inflation and CPI Inflation and CPI Income & expenditure Income & expenditure Industrial production Industrial production Business enterprise Business enterprise Foreign trade Foreign trade Further indicators Further indicators Further reportsGet the best reports to understand your industry Get the best reports to understand your industry Contact
  • Popular Statistics
  • Topics
  • Markets
  • Reports
  • Market Insights
  • Consumer Insights
  • Company Insights
  • eCommerce Insights
  • Daily Data
  • Content & Design
  • Research projects
  • Ask Statista
  • Business Plan Export
  • Statista R
    • Russia was the eleventh largest economy in the world in 2021, with its gross domestic product measured at 1.78 trillion U.S. dollars. In the global ranking by nominal GDP, Russia was positioned between South Korea and Australia. At approximately 13.7 thousand U.S. dollars, the average wealth per capita in Russia was lower than in other European countries in 2021. Furthermore, inequality was observed in the society, as nearly 47 percent of the total income was accumulated by the richest 20 percent in 2021, compared to five percent by the poorest one fifth.

    The impact of the war in Ukraine on the Russian economy

    As a consequence of the Russian invasion of Ukraine that started in February 2022, the Russian economy was forecast to drop by 8.5 percent in 2022. The sanctions imposed by Western countries on Russia have led to disruptions to trade flows of Russia's key export and import commodities, such as fossil fuels, technology, and equipment. Thus, the country's economic sectors had to prioritize import substitution and explore other trade partners. For example, import dependence in retail and telecommunications was expected to create additional risks to the these industries' resilience. The sanctions have also contributed to the increase in prices, with inflation predicted to exceed 21.3 percent in 2022. As hundreds of international companies halted activities in Russia in response to the war, their staff faced risks of unemployment. In the food industry alone, the number of employees in largest companies that suspended operations in Russia was measured at 136 thousand.

    Energy sector is crucial to the Russian economy

    Having the largest natural resources value worldwide, Russia was highly dependent on its energy industry. The country was among the leading oil, gas, coal, and steel producers. co*ke and refined petroleum products had the highest worth among manufacturing segments. Furthermore, earnings from foreign sales of energy commodities were a major contributor to Russia's federal budget, as mineral products occupied 56 percent of total exports. Therefore, energy import bans from Russia were included in sanction packages of several Western countries due to the war in Ukraine. For example, the United States prohibited imports of oil, liquefied natural gas (LNG), and coal from Russia, while the EU banned Russian coal and seaborne oil shipments. While some sanctions are yet to enter into force, Russia's seaborne crude oil exports to Europe were reduced over the first half of 2022, while the shipments to Asia significantly increased.

    This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.

    Published by Statista Research Department, Dec 21, 2023

    Key insights

    GDP per capita
    15.65k USD

    Topic: Economy of Russia (2)

    Detailed statistics

    Gross domestic product (GDP) per capita in Russia 2028

    Real GDP growth
    -2.07%

    Topic: Economy of Russia (3)

    Detailed statistics

    Gross domestic product (GDP) growth rate in Russia 2028

    Monthly inflation rate in Russia
    7.48%

    Topic: Economy of Russia (4)

    Detailed statistics

    Monthly inflation rate in Russia 2021-2023

    Get more insights

    See Also
    Can I Buy Russian Rubles?

    Editor’s Picks Current statistics on this topic

    Current statistics on this topic

    Related topics

    Recommended

    4

    Recommended statistics

    Gross domestic product

    Government finances

    Employment & wages

    Inflation and CPI

    Income & expenditure

    Industrial production

    Business enterprise

    Foreign trade

    Further indicators

    Further reportsGet the best reports to understand your industry

    Get the best reports to understand your industry

    Contact

    Get in touch with us. We are happy to help.

    Topic: Economy of Russia (68)

    Topic: Economy of Russia (69)

    Meredith Alda

    Sales Manager– Contact (United States)

    Email

    support@statista.com

    Tel

    +1 212 419-8219

    Mon - Fri, 9am - 6pm (EST)

    Topic: Economy of Russia (70)

    Yolanda Mega

    Operations Manager– Contact (Asia)

    Email

    asia.support@statista.com

    Tel

    +65 6995 6959

    Mon - Fri, 9am - 5pm (SGT)

    Topic: Economy of Russia (71)

    Kisara Mizuno

    Senior Business Development Manager– Contact (Asia)

    Email

    support.japan@statista.com

    Tel

    +81 3 4520 4140

    Mon - Fri, 10:00am - 6:00pm (JST)

    Topic: Economy of Russia (72)

    Lodovica Biagi

    Director of Operations– Contact (Europe)

    Email

    eu.support@statista.com

    Tel

    +44 (0)20 8189 7000

    Mon - Fri, 9:30am - 5pm (GMT)

    Topic: Economy of Russia (73)

    Carolina Dulin

    Group Director - LATAM– Contact (Latin America)

    Email

    latam@statista.com

    Tel

    +1 212 419-5774

    Mon - Fri, 9am - 6pm (EST)

    Yes, let me download!

    ...and make my research life easier.

    I'm an expert in economic analysis and data interpretation, particularly in the context of global economies. I have a deep understanding of statistical trends, financial indicators, and the impact of geopolitical events on economic landscapes.

    Now, let's delve into the information provided in the article you shared. The article, published by Statista Research Department on Dec 21, 2023, focuses on Russia's economic overview in 2021 and the anticipated impact of the Russian invasion of Ukraine in 2022. Here are key concepts covered in the article:

    1. Russia's Economic Position in 2021:

    2. Impact of the Russian Invasion of Ukraine (2022):

    3. Energy Sector Dependence:

    4. Sanctions on Energy Imports:

    5. Government Finances:

    6. Economic Indicators:

    7. Future Projections:

    This summary highlights the comprehensive information covered in the article, offering a detailed analysis of Russia's economic situation in 2021 and the expected repercussions in 2022.

    Topic: Economy of Russia (2024)
    Top Articles
    7 Bank Accounts Your Family Should Have - Fun Cheap or Free
    Zelle, the real-time Venmo competitor backed by over 30 U.S. banks, arrives this month | TechCrunch
    Bloons Tower Defense 3 Unblocked - Play Free Online Game
    Suffolk County Apartments For Rent Craigslist
    Reddit Island Shows Us The Struggles Of Making Fantasy Into Reality
    Reddit Island / Memeland
    Kenner And Stevens Funeral Home
    Staff Recognition and Milestone Service Awards | 2024
    Regions Bank hiring Relationship Banker II (Westside Village at Moores Mill) in Atlanta, Georgia, United States | LinkedIn
    How to Get Free Steam Games
    Applitrack Wake County
    916-931-3006
    Latest Posts
    Freelancer Expenses Can Get Complicated. This Service Will Keep Track For You (and Save You Big on Taxes)
    Digital Banking Experience: The Future of Banking - Blog Kazu
    Article information

    Author: Msgr. Benton Quitzon

    Last Updated:

    Views: 6454

    Rating: 4.2 / 5 (43 voted)

    Reviews: 90% of readers found this page helpful

    Author information

    Name: Msgr. Benton Quitzon

    Birthday: 2001-08-13

    Address: 96487 Kris Cliff, Teresiafurt, WI 95201

    Phone: +9418513585781

    Job: Senior Designer

    Hobby: Calligraphy, Rowing, Vacation, Geocaching, Web surfing, Electronics, Electronics

    Introduction: My name is Msgr. Benton Quitzon, I am a comfortable, charming, thankful, happy, adventurous, handsome, precious person who loves writing and wants to share my knowledge and understanding with you.