Russia's GDP by Year: Dynamics and Structure

The Russian economy is mixed: the strategic spheres are in state ownership. In the 1990s, market reforms took place, as a result of which many industries were privatized. However, the energy sector and the military-industrial complex remained in the hands of the state. If we look at Russia's GDP by years, it can be noted that the country belongs to the "above average" group. In addition, the country is concentrated about 30% of the planet's natural resources. According to the estimates of the World Bank, their total value is more than 75 trillion US dollars. A significant share in Russia's GDP comes from revenues from sales of energy resources: oil and natural gas.

Overview

After the collapse of the Soviet Union, all the now-former Soviet republics began to rebuild their economy, including Russia. However, important spheres remained in the hands of the state, and protection of private property rights was not established at the proper level. The government of the Russian Federation has a significant impact on the economy. To date, Russia is a leading supplier of oil and natural gas, as well as an exporter of metals such as steel and aluminum. Therefore, the country is extremely dependent on world food prices.

Main factors

Gross Domestic Product (2017): nominal - $ 1.56 trillion, at purchasing power parity - 3.94. The average growth of Russia's GDP by years from 1996 to 2016 is 3.08%. The external debt of the country, according to December 2015, is 538 billion US dollars, gold and foreign exchange reserves for August 2016 - 396.4. The informal sector of the economy, according to official estimates, is about 15% of GDP. Another 7% is not taken into account due to corruption. According to the estimates of the World Bank, the gross domestic product is one and a half times higher due to the presence of the shadow economy.

Dynamics of Russia's GDP

The gross domestic product of the RF today reflects 2.15% of the world. Considering Russia's GDP by years for the period of independence, it can be noted that on average it amounts to 877.38 billion US dollars. Its minimum level was fixed in 1999, the maximum in 2013. The average gross domestic product at purchasing power parity for this period was $ 8,621.41 billion.

In 2014, Russia began a recession due to the fall in oil prices, the sanctions of Western countries and the subsequent outflow of capital. The growth was 0.6%. In 2015, GDP fell by 3.7%. It was expected that in 2016 this trend will continue. However, growth was 0.3%. According to the forecasts of the World Bank and the IMF, in 2017 the gross domestic product will continue to increase. If oil prices are at $ 40 per barrel, you can expect it to fall by more than 5%.

Uneven distribution of income

In 2015, the Russian economy was the sixth in terms of purchasing power parity and the twelfth - at market exchange rates. If we consider Russia's GDP by years (in 2000-2012), then it can be noted that living standards have been increased due to the export of energy resources. During this period, the real disposable income grew by 160%, and in dollars - by 7 times. However, at the same time, the unemployment and poverty rates declined by almost half, and the assessment of satisfaction with the lives of Russians significantly increased. Such a significant increase occurred against the background of the commodity boom, high oil prices, effective economic and budgetary policy. However, incomes between residents of the country are distributed unevenly. It is estimated that the 110 richest Russians own 35% of all financial assets. Inaction of the state in this sphere has led to the fact that Russia is on the second place in terms of the amount of illegal cash outflows. According to estimates, for the period from 2002 to 2011, it lost 880 billion US dollars.

Now nominal wages fell below $ 450 a month. About 19.2 million Russians live below the poverty line. In 2015, they were 16% less. The income is distributed unevenly and geographically. Moscow is often called a billionaire city. Uneven distribution of income is largely due to the prevalence of corruption practices and the weakness of legislative mechanisms. Transparency International ranked Russia in 131 out of 176 in 2016.

Sectors of the economy

If we consider Russia's GDP in 10 years, we can say that its structure has not changed much. To date, agriculture accounts for about 5%, for industry - more than 30%, for the service sector - 60%. The number of economically active population is 76.9 million people. Of these, about 9% are employed in agriculture, 28% in industries and 63% in services. The unemployment rate in 2016 was 5.3%.

External Sector

The volume of exports of Russia, as of 2016, is 251 billion US dollars. The dynamics of Russia's GDP depends significantly on it. Foreign goods are exported such goods as oil and products from it, metals, timber, chemicals. Russia's main export partner is the Netherlands. They account for 11.9% of the total. China ranks second with 8.3%, on the third - Germany with 7.4%. Among the export partners of Russia are also such countries as Italy, Turkey, Belarus, Japan. The volume of imports of the Russian Federation, as of 2016, is 172 billion US dollars. Thus, the trade balance is positive. Imported to Russia are consumer goods, machinery, vehicles, pharmaceuticals, plastic, processed metals, meat, fruits and nuts, optics and medical instruments, iron and steel. Their import is carried out from such countries as China, Germany, the USA, Belarus, Italy. The volume of foreign direct investment in Russia in 2015 amounted to 361 billion US dollars.