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The economy of Russia is the twelfth largest economy in the world by nominal value and the seventh largest by purchasing power parity (PPP). Russia today has a diversified economy, but it’s most important sector is the sale of raw materials and primary commodities such as oil, timber, and gold. It is also rich in agriculture.
Russia ranks among the world’s leading producers of petroleum and gas, copper, manganese, bauxite, graphite, uranium, titanium, gold, silver, and platinum.
The former Soviet Union was a leading international producer of manufactured items such as chemicals, weapons, and military and aerospace equipment. Much of the industrial base of these manufacturing sectors was located within the Russian Republic itself.
Major Facts:
Export goods include: petroleum and petroleum products, natural gas, wood and wood products, metals, chemicals, and a wide variety of civilian and military manufactures and estimated about $295.6 billion.
Main export partners: Netherlands 11.2%, Italy 8.1%,Germany 8%, Turkey 6%, Ukraine5.1%, Poland 4.5%, China 4.3% (2008)
Import goods include: vehicles, machinery and equipment, plastics, medicines, iron and steel, consumer goods, meat, fruits and nuts, semi finished metal products and estimated about $196.8 billion.
Main import partners: Germany 13.5%, China 13.2%, Japan6.5%, Ukraine 6%, US 4.5%, Italy 4.3% (2008)
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; ship- building; road and rail transportation equipment; communications equipment; agricultural machinery, tractors, and construction equipment; electric power generating and transmitting equipment; medical and scientific instruments; consumer durables
Over the last five years, poverty has declined steadily and the middle class has continued to expand. Russia has also improved its international financial position since the 1998 financial crisis. Oil export earnings have allowed Russia to increase its foreign reserves to the third largest reserves in the world.
Russia has made little progress in building the rule of law, the bedrock of a modern market economy.
Agriculture:
Russia is a major producer of wheat, barley, oats, and rye. In the early 1990s Russia annually produced 46 million metric tons of wheat, 25.5 million metric tons of barley, 13.9 million metric tons of rye, and 11.5 million metric tons of oats.
Other important crops in Russia include dry peas, corn, millet, buckwheat, rice, and soybeans. Various types of temperate-climate fruits, such as apples, pears, and cherries, are also grown extensively in Russia. In the far north, reindeer herding is a major occupation among the native peoples.
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