gdp russia 2019

The downturn served to emphasise the importance of the government to the construction market.[170]. [47][48] This was accompanied by a drop in the standard of living, including surging economic inequality and poverty,[49] along with increased excess mortality[50][51] and a decline in life expectancy. RUB. Russian GDP growth in 2019: contribution of various industries to the economy. Corporate solution including all features. By the 1970s the Soviet Union entered the Era of Stagnation. The value of Russian arms exports totalled $15.7 billion in 2013—second only to the US. In 2016 its debt to GDP ratio was 12%. By the 1950s, the Soviet Union had rapidly evolved from a mainly agrarian society into a major industrial power. In terms of value, 2007 has been the most active year with 158 bil. Imports in Russia is reported by the Central Bank of Russia. Others include: pharmaceuticals, textile and footwear, plastics and optical instruments. This is possible because many Russians pay no rent or house payments, owning their own home after privatization of state-owned Soviet housing. It is also the second-largest exporter of petroleum. The Gross Domestic Product (GDP) in Russia was worth 1699.90 billion US dollars in 2019, according to official data from the World Bank. [155][156], As of 2013, Russians spent 60% of their pre-tax income shopping, the highest percentage in Europe. By the 1950s, the Soviet Union had rapidly evolved from a mainly agrarian society into a major industrial power. Russia imports food, ground transports, pharmaceuticals and textile and footwear. We continue to believe that a global vaccine against Covid-19 will not be widely available before at least mid-2021. [153], Space industry of Russia consists of over 100 companies and employs 250,000 people. Among the particular segments, the biggest share of the Russian IT market still belongs to hardware. “The labor force reduction has been happening since 2016 but the process has now accelerated,” researchers wrote. [citation needed] In 2013, Russia was labeled a high-income economy by the World Bank.[69]. The 1.3% expansion in 2019 was in line with the most recent forecast from the Economy Ministry, which is predicting growth of 1.9% this year. [95][96] By 2016, the Russian economy rebounded with 0.3% GDP growth and is officially out of the recession. Despite the slow-down, the economy did pick up in the final half of the year, managing to beat pessimistic forecasts from organizations such as the World Bank and International Monetary Fund (IMF) that had suggested Russia would struggle to record growth above 1%. This result was lower than in 2018, when the indicator increased by 2.5%. These companies will be expected to increase the proportion of domestic technology solutions they use in their operations. [citation needed] Russia is the world's second largest conventional arms exporter after the United States. Chaslau Koniukh on the analysts’ opinion on the key stake size change soon. [40][41] Credit Suisse has described Russian wealth inequality as so extreme compared to other countries that it "deserves to be placed in a separate category. The petroleum industry in Russia is one of the largest in the world. Exports in Russia decreased to 39038 USD million in January 2013 from 48568 USD million in December 2012. [114][115] The Russian Central Bank spent $88 billion in order to stem the fall of the ruble in 2014. The mineral-packed Ural Mountains and the vast fossil fuel (oil, gas, coal), and timber reserves of Siberia and the Russian Far East make Russia rich in natural resources, which dominate Russian exports. Statista. [80] Russia is rated one of the most unequal of the world’s major economies. The majority of deals in, into or out of Russia have taken place in the financial sector (29%), followed by banks (8.6%), oil and gas (7.8%) and Metals and Mining (7.2%). The Russian president would rather sit on his hands than risk disturbing the fragile political balance that ensures his power. [142], Expecting the area to become more accessible as climate change melts Arctic ice, and believing the area contains large reserves of untapped oil and natural gas, Russian explorers on 2 August 2007 in submersibles planted the Russian flag on the Arctic seabed, staking a claim to energy sources right up to the North Pole. (billed annually). New, Everything you need to know about the industry development, Find studies from all around the internet. The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. The share of premiums in household spending increased to 1.39%. [127], Corruption in Russia is perceived as a significant problem[128] impacting all aspects of life, including public administration,[129] law enforcement,[130] healthcare[131] and education. Data from World bank and The World Factbook includes gdp … [149], Russia's defense industry employs 2.5 – 3 million people, accounting for 20% of all manufacturing jobs. That compares with an official expansion rate of 2.5% recorded in 2018, and is the weakest annual growth since Russia emerged from economic crisis in 2016. Corrupt and haphazard privatization processes turned over major state-owned firms to politically connected "oligarchs", which has left equity ownership highly concentrated. The National Prosperity Fund is to be invested into more risky instruments, including the shares of foreign companies. Russia GDP (Gross Domestic Product) was INT$3,505.52billion for 2019 in PPP terms. Please do not hesitate to contact me. The rise of these lines is connected, evidently, with the increase in consumer loans, as the total sum of credit obligations of population in 2013 increased by 28% to RUB 9.9 trillion. Russia gdp for 2016 was $1,276.79B, a 6.36% decline from 2015. Russian economy improves in Q3. Tourism in Russia has seen rapid growth since the late Soviet period, first domestic tourism and then international tourism. Bank of Russia is governed by a board of directors, headed by a governor who is appointed by the President of Russia. Are you interested in testing our corporate solutions? Total amount of premiums charged (without CHI) in 2013 is RUB 904.9 bln (increase on 11.8% compared to 2012), total amount of claims paid is RUB 420.8 bln (increase on 13.9% compared to 2012). Transportation of cargo and freight turnover of public railway transport", "Table 2.24. Imports in Russia decreased to 21296 USD million in January 2013 from 31436 USD million in December 2012. One of the reasons for this situation, experts call the decline in revenue from the segments of the economy, which are not classified as basic. Russia’s GDP grew by 1.3% in 2019, the Russian state statistics agency, Rosstat said. Main trading partners are: China (7% of total exports and 10% of imports), Germany (7% of exports and 8% of imports) and Italy. It has the second largest coal reserves, the eighth largest oil reserves, and is the largest exporter, or second largest exporter of oil in the world in absolute numbers. Corporate, property, and land raiding is commonplace. The second part is the National Prosperity Fund of Russian Federation. [72] Since 2008, Moscow has been by Forbes magazine repeatedly named the "billionaire capital of the world". 1988-2019 Data | 2020-2022 Forecast | Historical | Chart | News. USD, whereas the number of deals peaked in 2010 with 3,684 (964 compared to the value record year 2007). The Trading Economics Application Programming Interface (API) provides direct access to our data. The cumbersome procedures for bureaucratic administration foreclosed the free communication and flexible response required at the enterprise level for dealing with worker alienation, innovation, customers, and suppliers. [91], The Russian economy risked going into recession from early 2014, mainly due to falling oil prices, sanctions, and the subsequent capital flight. In addition, the industry supports around 2–3 million people in related industries. (July 1, 2020). Russia bounced back from the August 1998 financial crash with surprising speed. Russia has a large and sophisticated arms industry, capable of designing and manufacturing high-tech military equipment, including a fifth-generation fighter jet, nuclear powered submarines, firearms, and short range/long range ballistic missiles. Shopping malls were popular with international investors and shoppers from the emerging middle class. Data are in current U.S. dollars. Please authenticate by going to "My account" → "Administration". [citation needed] The 2014 devaluation of the rouble and imposition of sanctions spurred domestic production, and in 2016 Russia exceeded Soviet grain production levels, and in that year became the world's largest exporter of wheat. In Russia, services are the biggest sector of the economy and account for 58% of GDP. [134] According to Rosstat's estimates, corruption in 2011 amounted to only 3.5 to 7% of GDP. [161] In December 2006, Tom Phillips, chief government and regulatory affairs officer of the GSM Association stated: The financial crisis, which had already hit the country at the end of 2008, caused a sharp reduction of the investments by the business sectors and a notable reduction of IT budget made by government in 2008–2009. Learn more about how Statista can support your business. facts. 73% of respondents in large businesses and 77% in medium and small are dealing with a "crisis" while only 4% described it as "good". According to a survey provided by Financial Times in 2012, Russia was second by economic performance among G20, following Saudi Arabia, based on seven measures: gross domestic product growth, budget deficit and government debt for 2012; economic recovery – output compared with the pre-crisis peak; change in debt since 2009; change in unemployment from 2009 to 2013; and, finally, the deviation of the current account from balance. Russia's vast geography is an important determinant of its economic activity, with some sources estimating that Russia contains over 30 percent of the world's natural resources. It periodically changes positions with Saudi Arabia. Changes in gdp and their respective ranking of economies in 2019. According to the new decree, by 2015, government-connected companies must double their purchases of Russian technology solutions compared to the 2013 level and their purchasing levels must quadruple by 2018. [47] Several reasons have been proposed to explain the slowdown, including prolonged recession in the EU, which is Russia's largest trading partner, stagnant oil prices, lack of spare industrial capacity and demographic problems. One of them is the supporting role of the Russian Government. Russia was expected to have a Government Budget deficit of $21 billion in 2016. [110], According to the Constitution, Bank of Russia is an independent entity, with the primary responsibility of protecting the stability of the national currency, the ruble. Chaslau Koniukh is an international financial expert, a professional investor, an experienced analyst and a practicing trader. The industrial sector brought 0.5 percentage points into the country’s economy, which is practically the same as the values of the previous period. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used. Russia gdp for 2019 was $1,699.88B, a 1.81% increase from 2018. [82], At the end of 2016, the United States imposed further sanctions on the Russian Federation in response to what the US government said was Russian interference in the 2016 United States elections. As of 2012[update], the oil-and-gas sector accounted for 16% of GDP, 52% of federal budget revenues and over 70% of total exports. Putin's system is remarkable for its ubiquitous and open merging of the civil service and business, as well as its use of relatives, friends, and acquaintances to benefit from budgetary expenditures and take over state property. According to the Central Bank of Russia 422 insurance companies operate on the Russian insurance market by the end of 2013. ", World Bank, Russia: Distribution of gross domestic product (GDP) across economic sectors from 2009 to 2019 Statista, https://www.statista.com/statistics/271378/distribution-of-gross-domestic-product-gdp-across-economic-sectors-in-russia/ (last visited November 17, 2020), Russia: Distribution of gross domestic product (GDP) across economic sectors from 2009 to 2019, Median age of the population in Russia 2015, Gross domestic product (GDP) in Russia 2021, Gross domestic product (GDP) per capita in Russia 2024, Gross domestic product (GDP) growth rate in Russia 2021, Russia's share of global gross domestic product (GDP) 2024, Distribution of gross domestic product (GDP) across economic sectors in Russia 2019, Distribution of the workforce across economic sectors in Russia 2020, Youth unemployment rate in Russia in 2020, National debt of Russia in relation to gross domestic product (GDP) 2024, Ratio of military expenditure to gross domestic product (GDP) in Russia 2019, Government expenditure as share of the gross domestic product (GDP) in Russia 2024, Budget balance in Russia in relation to gross domestic product (GDP) 2021, Countries with the largest gross domestic product (GDP) 2019, Countries with the largest proportion of global gross domestic product (GDP) 2019, Gross domestic product (GDP) growth forecast in selected countries until 2021, Proportions of economic sectors in GDP in selected countries 2019, Unemployment rates in major industrial and emerging countries 2017, Total population of the BRIC countries from 2014 to 2024, Gross domestic product of the BRIC countries from 2009 to 2021, Inflation rate in the BRIC countries 2021, New cases of COVID-19 worldwide from January 23 to November 15, 2020, by day, Cumulative cases of COVID-19 worldwide from January 8 to November 15, 2020, by day, Coronavirus (COVID-19) cases, recoveries, and deaths worldwide as of Nov. 16, 2020, Global distribution of gross domestic product (GDP) across economic sectors 2018, Gross domestic product (GDP) growth rate in Russia 1st quarter 2020, Russia's closing stock of cereals 2000-2019, Russia's domestic availability of cereals 2000-2019, Russia's domestic utilization of cereals 2000-2019, Value of U.S. agricultural exports to Russia 2000-2019, Industry revenue of “manufacture of other organic basic chemicals“ in Greece 2011-2023, IT equipment market revenue in Czechia 2016-2021, Industry revenue of »manufacture of machinery and equipment n.e.c.« in Croatia 2011-2023, Netherlands: capital services per hour worked, electric equipment industry 2004-2014, Industry revenue of “manufacture of general-purpose machinery“ in Switzerland 2012-2024, Find your information in our database containing over 20,000 reports, Tools and Tutorials explained in our Media Centre, countries with the largest gross domestic product, largest gross domestic product in the world by 2030. [64] Nevertheless, in 2007 the World Bank declared that the Russian economy achieved "unprecedented macroeconomic stability". Such growth of software outsourcing in Russia is caused by a number of factors. [121][needs update], Russia has very low debt-to-GDP ratio, it is among the lowest ratios in the world. This cumulates to an overall value of around 984 bil. [citation needed] The largest firearm manufacturer in the country, Kalashnikov Concern, produces about 95% of all small arms in Russia and supplies to more than 27 countries around the world. Values are given in USDs and have not been adjusted for inflation. Reaction to the event was mixed: President Vladimir Putin congratulated the explorers for "the outstanding scientific project", while Canadian officials stated the expedition was just a public show. We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Leading launch vehicle producers are Khrunichev and TsSKB Progress. We have provided a few examples below that you can copy and paste to your site: Your image export is now complete. The IT market is one of the most dynamic sectors of the Russian economy. [148] As of 2020, Russia faces problems of over-nutrition with over 23% of adults obese and over 57% overweight. Then you will be able to mark statistics as favourites and use personal statistics alerts. USD: The majority of the top 10 deals are within the Russian Oil and Gas sector, followed by Metals and Mining. In May 2016 the average nominal monthly wages fell below $450 per month,[103] and tax on the income of individuals is payable at the rate of 13% on most incomes. [146], Russia comprises roughly three-quarters of the territory of the former Soviet Union. Backlinks from other websites and blogs are the lifeblood of our site and are our primary source of new traffic. [138] In a 2020 survey 45% of Russian citizens approved tax evasion, a sharp rise from 35% from 2019, and 60% have experienced reduced income in May as compared to February.[139]. At the same time, the contribution of basic market sectors, such as agriculture, construction, industry and trade was 0.8 percentage points, and in 2018 – 1 percentage point. Following the breakup of the Soviet Union in 1991 and after nearly 10 years of decline, Russian agriculture began to show signs of improvement due to organizational and technological modernization. … It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds. Gross Domestic Product, or GDP, measures the economy size of a country. Foreign trade of Russia - Russian export and import[184], Foreign trade rose 34% to $151.5 billion in the first half of 2005, mainly due to the increase in oil and gas prices which now form 64% of all exports by value. Historically, from 1994 until 2013, Russia imports averaged 11392.06 USD million reaching an all-time high of 31553 USD million in October 2012 and a record low of 2691 USD million in January 1999. [168][169], In 2009 the Russian construction industry survived its most difficult year in more than a decade. [147] In 2016 agriculture surpassed the arms industry as Russia's second largest export sector after oil and gas. [151] The research organization Centre for Analysis of Strategies and Technologies ranked the air defense system producer Almaz-Antey as the industry's most successful company in 2007, followed by aircraft-maker Sukhoi. This result was lower than in 2018, when the indicator increased by 2.5%. According to the independent Global Trade Alert, Russia put significant protectionist policies in place. Since 2010 value and numbers have decreased constantly and another wave of M&A is expected.[185]. [174] Since the year 2000 the IT market has started growth rates of 30–40% a year, growing by 54% in 2006 alone. [39] There has been a substantial rise in wealth inequality in Russia since 1990 (far more than in China and other Eastern European countries). [43] Analysts hope that nonbasic industries will start to develop actively again, and will increase their contribution to the Russian economy. That compares with an official expansion rate of 2.5% recorded in … Mining (11% of GDP), manufacturing (13%) and construction (4%) are the most important industry segments. The first part is a reserve fund equal to 10% of GDP (10% of GDP equals to about $200 billion now), and was to be invested in a similar way as the Stabilization Fund. Largest satellite developer is Reshetnev Information Satellite Systems, while NPO Lavochkin is the main developer of interplanetary probes. American bankers from JPMorgan and Goldman Sachs advise to invest in gold: review by Chaslau Koniukh. Most of its external debt is private. Independent expert report", p. 6. 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This is an alphabetical list of countries by past and projected gross domestic product per capita, based on official exchange rates, not on the purchasing power parity (PPP) methodology. [66][67][68] A sharp, but brief recession in Russia was followed by a strong recovery beginning in late 2009. Northern areas concentrate mainly on livestock, and the southern parts and western Siberia produce grain. [141], Russia is also a leading producer and exporter of minerals and gold. [99] Former finance minister Alexei Kudrin has said that Russia needs to reduce geopolitical tensions to improve its economic conditions.[102]. The Ministry of Economic Development of the Russian Federation presented a report on the state of the country’s market for the past year. [180] The most visited destinations in Russia are Moscow and Saint Petersburg, recognized as World Cities. Inflation under 5% is in green.[108]. As before, life insurance and accident insurance are often used by banks as an appendix to a credit contract protecting creditors from the risk of credit default in case of borrower’s death or disability. Source: Milov, Nemtsov, Ryzhkov, Shorina (2011). Russia is the largest diamond-producing nation in the world, estimated to produce over 33 million carats in 2013, or 25% of global output valued at over $3.4 billion, with state-owned ALROSA accounting for approximately 95% of all Russian production. [157], Russia's telecommunications industry is growing in size and maturity. In October 2014 the rate of inflation was reported to be 8%, although this was well below the 2333.30% inflation rate experienced in 1992. Economists expect Russia’s economy to pick up speed this year. Russia GDP Growth Almost Halves in 2019 Russian economy grew 1.3% in 2019, its lowest rate since 2016.

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