 GDP: Trillion  GDP Growth Rate in 2010: 4%  Labor Force: Million  Unemployment Rate: 7.6%  Poverty: 13.1%  Budget: 262 Billion  Public Debt: 9.5% of GDP  Inflation: 6.7%  Exports: Billion  Imports: Billion

 The Economic status of Russia has taken on some huge changes since the collapse of the Soviet Union  Before the collapse of the Soviet Union Russia was a globally isolated and centrally planned country.  After the collapse Russia became a global economy with a market based perspective.  In the 1990’s Russia had economic reforms which privatized most of Russia’s industry with the exceptions of energy and defense related sectors.  Russia was in a economic crisis in the 1990’s until 1998 the economy was in disarray with all of the changes that the economy was experimenting.

 In 1998 Russia’s economy stabilized and they had 8 consecutive years from 1998 to 2006 where the country experienced economic growth.  In those 8 years Russia’s GDP expanded 57.6%  Income of the population grew by 65%.  Poverty levels were cut by half.  Inflation rate fell from 47% in 1996 to just 9.6% by  High-energy prices, plenty of domestic demand, large foreign inflows, and a macroeconomic reform helped the economy to record impressive growth.  Economic growth averaged above 6% between 2001 and 2008, reaching a high of 8.1% in 2007.

 In September of 2008 the global economic crisis hit Russia hard beginning with capital flight that caused a crisis with Russia’s stock market.  There were several high profile business disputes that occurred earlier in 2008 which included TNK-BP, Mechel and the Georgian  In mid September Russia’s stock Market  The global financial crisis started getting bigger in the fall of 2008, where there was a steep fall in global demand, commodity prices and tightening of credit which nearly halted Russia’s economic growth in the fourth quarter of  The economic growth went from 9.5% a year earlier to 1.1% in  The Economy started getting better in 2010 when the government developed anti-crisis policies as well as the global rebound and the rise in oil prices.  Russia’s leaders made sure that they put a renewed emphasis on promoting innovation as a key point to economic modernization and the need to diversify the economy away from oil and gas.

 Russia exports a lot more goods that it imports which is a strength of the Russian economy.  Russia exports roughly $376.7 billion and they import about $237.3 billion,  In 2009 Russia was the third largest exporter of natural gas  The second largest exporter of oil  The third largest exporter of steel and primary aluminum.

 Russia’s agriculture products include grain, sugar beets, sunflower seed, vegetables, fruits, beef and milk.  Industries include a complete range of mining and extractive industries producing coal, oil, gas, chemicals, and metals; all forms of machine building, defense industries, 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 and handicrafts.  They export petroleum and petroleum products, natural gas, metals, wood and wood products, chemicals, and a wide variety of civilian and military manufactures.  They import machinery, vehicles, pharmaceutical products, plastic, semi-finished metal products, meat, fruits and nuts, optical and medical instruments, iron, steel.

By Ryan Williams

 Backround note: Russia. (n.d.). Retrieved july 20, 2011, from US, Department of State:  Russia: Tebounding from Recission. (n.d.). Retrieved July 20, 2011, from Thomas White-Global Investing: world/russia.aspx  The World Factbook. (n.d.). Retrieved July 20, 2011, from Central Intelligence Agancy: world-factbook/geos/rs.html 