Russia's Economy

Russia's GDP is worth $1480 billion it makes up about 2.39% of the world economy according to the World Bank.  A large part of the federal budget revenue comes from payments and taxes from the fuel and energy sector.  Russia's unemployment rate has been declining it is currently at 6.6%, poverty has continued to go down and this has led to the expansion of the middle class.  According to Forbes there were 96 Russian billionaires reported this year that is the second highest number worldwide.

Consumer confidence has been improving in the country, Russian interest rates are currently at 8%.  The decision over interest rates are taken by the Central Bank of the Russian Federation.  Russia's inflation rate is currently at 3.7% and the USD/RUB is trading at 29.5802, the ruble has appreciated during the last month.  The Russian Government Bond 10 Year Note is currently at a 6% yield.  The INDEXCF is a major stock index that tracks 30 of the most liquid stocks of Russia's most developed and biggest companies from 10 economic sectors.  It declined about 91 points during the last month.  It was last trading within the 1,494.66 - 1,529.72 range the top performer was OGK-3 which generates and distributes thermal energy and electricity in the Republic of Buryatia and other parts of the Russian Federation.

Russia is the second-largest producer of natural gas and holds the world's largest natural gas reserves according to The World Factbook.  It also became the world's leading oil producer beating Saudi Arabia in 2011, the country is the third-largest exporter of steel and primary aluminium.  The Russian economy was severely hit by the 2008-09 great recession as oil prices plummeted, The Central Bank of Russia had to spend $200 billion of international reserves in 2008 to slow the devaluation of the ruble.  As a result of high oil prices in 2011, Russia was able to reduce the budget deficit that was created in 2008-09.