Russia Oil production Russia Electricity production

Russia Economy

Economy - overview:russia ended 2005 with its seventh straight year of growth. averaging 6.4% annually since the financial crisis of 1998. although high oil prices and a relatively cheap ruble are important drivers of this economic rebound. since 2000 investment and consumer-driven demand have played a noticeably increasing role. real fixed capital investments have averaged gains greater than 10% over the last five years. and real personal incomes have realized average increases over 12%. russia has also improved its international financial position since the 1998 financial crisis. with its foreign debt declining from 90% of gdp to around 36%. strong oil export earnings have allowed russia to increase its foreign reserves from only $12 billion to some $180 billion at yearend 2005. these achievements. along with a renewed government effort to advance structural reforms. have raised business and investor confidence in russia's economic prospects. nevertheless. serious problems persist. economic growth slowed to 5.9% for 2005 while unemployment and inflation remain high. oil. natural gas. metals. and timber account for more than 80% of exports. leaving the country vulnerable to swings in world prices. russia's manufacturing base is dilapidated and must be replaced or modernized if the country is to achieve broad-based economic growth. other problems include a weak banking system. a poor business climate that discourages both domestic and foreign investors. corruption. and widespread lack of trust in institutions. in addition. a string of investigations launched against a major russian oil company. culminating with the arrest of its ceo in the fall of 2003. have raised concerns by some observers that president putin is granting more influence to forces within his government that desire to reassert state control over the economy.

GDP (purchasing power parity) : $1.535 trillion (2005 est.)

Inflation rate: 12.9% (2005 est.)

Labor force : 74.22 million (2005 est.)

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. tractors. and construction equipment; electric power generating and transmitting equipment; medical and scientific instruments; consumer durables. textiles. foodstuffs. handicrafts

Russia

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Russia More Facts

Electricity - production: 931 billion kwh (2004)

Oil - production: 9.15 million bbl/day (2005 est.)

Russia More Facts

Exports: $245 billion (2005 est.)

Imports : $125 billion (2005 est.)
Currency (code) : russian ruble (rur)