Income and purchasing power
The average monthly income in Russia is 1,063 US Dollar per capita. In the USA, the figure is 6,398 US Dollar. However, the prices of consumer goods are also around 59.5 percent lower than in the USA. If you compare income and price levels, the result is a more expensive life in Russia than in the United States. The bottom line is that the costs do not offset the lower income, and you get about 59.0 percent less.
However, it is also important to remember that this is a purely statistical model. Both the labor output and the type and quality of the goods received always correspond to the national average on both sides of the equation - so they do not necessarily have to match. Here you can also find an international comparison of cost of living and purchasing power.
Economic performance 2022
| Indicator | Russia Total | Russia per capita | EU Total | EU per capita |
|---|---|---|---|---|
| GDP | 2.240 tn USD | 15,532.93 USD | 16.747 tn USD | 32,559.17 USD |
| Gross national product | 1.871 tn USD | 12,968.89 USD | 17.949 tn USD | 34,897.96 USD |
In the Global Innovation Index, Russia ranked 51st in 2023 with 33.3 points. The index is calculated annually by the World Intellectual Property Organization (WIPO) and most recently included 129 countries. The top country was Switzerland with 67.6 points.
Development of gross domestic product in billions of USD 1988 - 2022
Russia's economy after the start of the war in Ukraine
The Russian economy is primarily known for its energy exports. Alongside coal, aluminum and wheat, crude oil and natural gas are the most important export goods. Russia is the world's largest exporter of natural gas. These sectors make a significant contribution to gross domestic product and also play a crucial role in global energy supply.
In response to the attack on Ukraine in 2022, numerous countries and communities of states imposed stricter sanctions, which have had a significant impact on Russia's economy. These sanctions include restrictions in the financial sector, export controls and the freezing of foreign assets of private individuals and Russian companies abroad. The Russian central bank's reserves stored abroad have also been frozen to a large extent, making access to international markets considerably more difficult. The European Union alone has now adopted over a dozen sanctions packages.
The USA banned all imports of crude oil, gas, coal and metals. However, the ban on imports of Russian crude oil into the EU is only limited to the sea route. Overall, the restrictions in numerous sectors and industries are so extensive that international companies are increasingly closing or suspending their business in the country. Partly out of solidarity, partly because the economic demands have become too high as a result.
It is estimated that Russia's exports will have already fallen to a 20-year low in May 2022. However, oil and gas prices have risen so sharply in the few preceding months that the revenues from this have generated high additional profits in the billions. While the war industry grew by 35%, economic output in other areas fell considerably. Current figures are no longer published by Russia, which is why it is difficult to measure the exact impact.
In response, Russia is striving for greater economic independence and is promoting the development of technologies and industries that are less dependent on foreign imports and markets. President Putin is now looking for future trading partners primarily in China and the former CIS states, i.e. the former republics of the Soviet Union.
The long-term effects of the war and the associated sanctions on the Russian economy are not yet foreseeable. However, the brain drain alone will have a long-term impact on the country's economy.
Largest economic sectors
- Mining (coal, oil, gas, chemicals and metals)
- Machine building
- Defense industries
- Shipbuilding
- Communications equipment
- Agricultural machinery
- Construction equipment
- Electric power generating and transmitting
- Medical and scientific instruments
- Consumer durables
- Textiles
- Food
- Handicrafts
Imports and Exports 2022
| Indicator | Russia Total | Russia per capita | EU Total | EU per capita |
|---|---|---|---|---|
| Imports | 347.38 bn USD | 2,408.36 USD | 9.114 tn USD | 17,719.26 USD |
| Exports | 640.69 bn USD | 4,441.91 USD | 9.446 tn USD | 18,365.45 USD |
Development of imports and exports in billions of USD 1994 - 2022
Exports
Imports
Household debt and deficits 2022
| Indicator | Russia Total | Russia per capita | EU Total | EU per capita |
|---|---|---|---|---|
| Government debts | 439.05 bn USD | 3,043.96 USD | 3.282 tn USD | 6,380.56 USD |
› Debt budget development
› Development of inflation
› Corruption in Russia
› Cost of living in a global comparison
Unemployment rates in percentages 1991 - 2023
The unemployment rates according to the ILOSTAT estimates used here do not always correspond to the official government figures. Instead, they are based on a harmonized procedure to compensate for different unemployment criteria and make them comparable across countries. Further information and an international comparison can be found here.
