Economy of Russia
Russia is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, Russia may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, Russia exports around $515 billion and imports roughly $341 billion. 5.2% of population in the country are unemployed. The total number of unemployed people in Russia is 7,486,165. In Russia, 13.3% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Russia is low, indicating that it has a stable economy. Investors should consider Russia to be a safe location for investments and other financial ventures. Government expenditure on education is 3.9% of GDP. The Gini Index of the country is 42. Russia is experiencing poor equality. The gap between the richest and poorest citizens in this country is quite noticeable. Russia has a Human Development Index (HDI) of 0.778. Russia has a high HDI score. This indicates that the majority of citizens will be able to attain a desirable life while providing substantial aid and assistance to citizens with lower living standards. The Global Peace Index (GPI) for Russia is 2.954. The strength of legal rights index for Russia is 6. Overall, it is considered to be rather adequate - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders at least decently; credit information is msotly sufficient and generally available.
The currency of Russia is Russian ruble. The Russian ruble is the official currency of The Russian Federation. The history of the ruble dates back to 1704 when it was first introduced by Peter the Great. The Russian ruble is not a stable currency and should not be considered a reliable investment opportunity. The plural form of the word Russian ruble is rubles. The symbol used for this currency is ₽, and it is abbreviated as RUB. The Russian ruble is divided into kopeyka; there are 100 in one ruble.
The depth of credit information index for Russia is 7, which means that information is mostly sufficient and quite detailed; accessibility is not a problem. According to the S&P credit-rating agency, Russia has a credit rating score of BB+, and the prospects of this rating are negative. According to the Fitch credit-rating agency, Russia has a credit rating score of BBB-, and the prospects of this rating are negative. According to the Moody's credit-rating agency, Russia has a credit rating score of Ba1, and the prospects of this rating are negative.
In Russia, the institution that manages the state's currency, money supply, and interest rates is called Bank of Russia. Locally, the central bank of Russia is called Центральный банк Российской Федерации. The average deposit interest rate offered by local banks in Russia is 6%.
Russia has a government debt of 31.2% of the country's Gross Domestic Product (GDP), as assessed in 2012.
The corporate tax in Russia is set at 20%. VAT in Russia is 18%.
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Russia is $3576841 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Russia was last recorded at $25 million. PPP in Russia is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Russia is 2,096,774 billion. Based on this statistic, Russia is considered to have a large economy. Countries with large economies support a wide variety of industries and businesses, providing ample opportunities for investment. Large economies support a substantial financial sector, making it easy to organize investments and financial transactions. It should be very easy to find good opportunities for investment in Russia. The Gross Domestic Product (GDP) per capita in Russia was last recorded at $15 million. The average citizen in Russia has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Russia averaged 0.5% in 2014. According to this percentage, Russia is currently experiencing modest growth. Countries that are experiencing modest growth offer safe opportunities for investment; their expanding economy indicates that businesses, jobs, and income will expand accordingly. To read more about financial information click on finances of Russia.
Major industries in the country are 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, 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. The total labor force of Russia is 75,500,790 people, wherein 5.2% of population in the country are unemployed. The total number of unemployed people in Russia is 7,486,165. The Industrial Production growth rate of Russia is 8.3%.To read more about industrial information within Russia click on industry of Russia.
There are 1174284 km2 of arable land in Russia, and it comprises 7% of the country's total territory. There are 1192300 km2 of cultivated land in Russia. The country's major agricultural crops and products are grain, sugar beets, sunflower seed, vegetables, fruits, beef, milk.To read more about agriculture click on agriculture of Russia.