Economy of Russia
A petrostate with volatile GDP and high income inequality.
The economy of Russia is a developing market-oriented mixed economy, classified as high-income and highly industrialized. It holds the ninth-largest economy by nominal GDP and the fourth-largest by GDP (PPP), though its nominal GDP fluctuates sharply due to a volatile currency exchange rate. Russia is a major petrostate, possessing the world's largest natural gas reserves, second-largest coal reserves, and eighth-largest oil reserves, with energy resources playing a crucial role in its exports and federal budget revenues.
- type
- National economy
- nominal_gdp_rank
- 9th largest in the world
- gdp_ppp_rank
- 4th largest in the world
- key_sectors
- Oil, natural gas, coal, arms exports
- foreign_exchange_reserves_2026
- 4th largest in the world
- human_development_index
- Very high
Lore & Background
The Russian economy has undergone dramatic transformations over the past decades. Corrupt privatization processes concentrated ownership among politically connected 'oligarchs,' a phenomenon called 'prikhvatizatisiya' or 'grab-itization.'
Reader's Guide
Russia's economy is significant globally due to its vast energy resources and status as a leading exporter of natural gas, oil, coal, and arms. However, the economy faces persistent challenges: high corruption, a shrinking labor force, brain drain, an aging and declining population, and regional economic disparities driven by uneven natural resource distribution. Inflation remains high, and experts predict long-term negative effects from sanctions.
Did You Know?
- The country has the largest natural gas reserves and the second-largest coal reserves in the world.
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