GDP of Russia: dynamics and structure

Russia's Economy is mixed: the strategic areas are in state ownership. In the 90-ies of the passed market reforms, as a result of which many industries were privatized. However, in the hands of the state remained the energy sector and the defense industry. If we consider the GDP of Russia in years, it may be noted that the country belongs to the group of “above average”. In addition, the country holds about 30% of the planet's natural resources. According to World Bank estimate, the total cost is more than 75 trillion dollars. A significant proportion of Russia's GDP accounts for revenues from sales of energy resources: oil and natural gas.

Overview

After the collapse of the USSR, all the now former Soviet Republic began to rebuild its economy, including Russia. However, important areas remained in the hands of the state, and the protection of private property rights was not installed at the proper level. The Russian government has a significant impact on the economy. Today Russia is a leading supplier of oil and natural gas, as well as the exporter of such metals as steel and aluminum. Therefore, the country is highly dependent on world prices for products.

Main indicators

Gross domestic product (2017): nominal – of 1.56 trillion U.S. dollars, purchasing power parity – 3.94 in. The average GDP growth of Russia by years from 1996 to 2016 – is 3.08%. The country's external debt, as of December 2015, of 538 billion US dollars, its currency reserves for August 2016 – of 396.4. The informal sector of the economy, according to official estimates, about 15% of GDP. About 7% are not taken into account due to the presence of corruption. According to estimates of the World Bank, gross domestic product, half as much due to the presence of the shadow economy.

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Dynamics of GDP of Russia

The Gross domestic product of Russia today reflects the 2.15% of the world. Considering Russia's GDP for the years since independence, it can be noted that the average is 877,38 billion US dollars. The lowest level was recorded in 1999, the maximum – in 2013. the Average gross domestic product at purchasing power parity for the period amounted to 8621,41 billion.

In 2014 in Russia went into recession because of falling oil prices, Western sanctions and the ensuing capital outflows. The growth was 0.6%. In 2015, GDP declined by 3.7%. It was expected that in 2016 this trend will continue. However, the growth was 0.3%. According to forecasts by the World Bank and the IMF, in 2017, the gross domestic product will continue to increase. If the price of oil will be at USD 40 per barrel, it is possible to expect a drop of more than 5%.

Income Inequality

In 2015, the Russian economy is the sixth by purchasing power parity and the twelfth – at market exchange rates. If to consider Russia's GDP by year (2000-2012), we can note that living standards were increased at the expense of export of energy resources. During this period, real disposable income grew by 160%, and the dollar – 7 times. But at the same time, the level of unemployment and poverty almost halved, and the evaluation of life satisfaction of Russians has increased significantly. This significant increase occurred against the backdrop of the commodity boom, high oil prices, effective economic and budgetary policy. However, income between residents of a country are distributed unevenly. An estimated 110 of the richest Russians own 35% of all financial assets. Government inaction in this area has led to the fact that Russia is the second largest illegal money outflows. According to estimates, over the period from 2002 to 2011 she lost 880 billion U.S. dollars.

Now, nominal wages fell below US $ 450 per month. About 19.2 million Russians live below the poverty line. In 2015, they were 16% less. Income is distributed unevenly in geographical terms. Moscow is often called a city-billionaire. The income inequality is largely due to the prevalence of corrupt practices and weak regulatory mechanisms. Transparency International placed Russia at 131 out of 176 in 2016.

Sectors

If we consider Russia's GDP in 10 years, we can note that its structure is virtually unchanged. To date, agriculture accounts for about 5%, the industry – more than 30%, the service sector – 60%. The number of economically active population of 76.9 million. Of these, agriculture employs about 9%, industry-28% services-63%. The unemployment rate in 2016 amounted to 5.3%.

External sector

The exports of the Russian Federation, as of 2016, is around 251 billion US dollars. From him muchdepends on the dynamics of Russia's GDP. Abroad exported goods such as oil and products from it, metals, wood, chemicals. The main partner of Russia in the export of the Netherlands. They account for 11.9 percent of the total. On the second place China with 8.3%, the third-Germany with 7.4%. Among the export partners of Russia are also countries such as Italy, Turkey, Belarus, Japan. The volume of imports of the Russian Federation, as of 2016, is 172 billion dollars. Thus trade balance is positive. Imported into the Russian consumer goods, machinery, vehicles, pharmaceutical products, plastics, processed metals, meat, fruits and nuts, optical and medical instruments, iron and steel. They are imported from countries such as China, Germany, USA, Belarus, Italy. The volume of foreign direct investment in Russia in 2015 was 361 billion US dollars.