Russia: Fairly robust

Real GDP growth will remain fairly robust, though moderating gradually over the projection period as the impulse from recent terms-of-trade gains diminishes. Growth will continue to be driven mainly by consumption, but investment growth is also expected to be relatively strong. Inflation is likely to decline despite continued rapid money-supply growth, as rising confidence in the rouble contributes to the rapid growth of money demand. However, inflationary pressures are likely to abate only gradually, given the government’s plans for further spending increases in 2007.
Fiscal discipline remains the key to bringing down inflation, while limiting the speed of exchange-rate appreciation. The fiscal easing now underway, which is to continue through 2007, is thus a concern. However, the finance ministry’s efforts to create a more elaborate, rules-based framework for managing the budget and the Stabilisation Fund should improve the prospects for maintaining fiscal discipline over the longer term.
Population (000s), 2005142 800
Area (000 sq km)17 098
GDP (Billion USD), 2005762.6
Life expectancy at birth (Women, Men), 2004 72.3, 58.9
Total labour force (000s), 200573 811
Government typeFederation
Indicators% change unless otherwise indicated
GDP growth6.86.05.5
Fiscal balance
(% of GDP)
Current account balance (% GDP)
Source: OECD©OECD Observer No. 258/259, December 2006

Economic data

GDP growth: -9.8% Q2/Q1 2020 2020
Consumer price inflation: 1.3% Sep 2020 annual
Trade (G20): -17.7% exp, -16.7% imp, Q2/Q1 2020
Unemployment: 7.3% Sep 2020
Last update: 10 Nov 2020

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