Indicators of economy in Russia

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

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

Impact of the COVID-19 pandemic

The consequences of the COVID pandemic in 2020 were considerable in Russia. Overall, gross domestic product in 2020 fell from 1.693 trillion US dollars to 1.493 trillion US dollars. With a large drop of 11.81 percent, the economy in Russia has struggled significantly more than other countries. The tourism sector alone slumped by around 71 percent. The unemployment rate rose from 4.5 to 5.6 percent. The country's gross debt increased by 20.4 percent. The inflation rate fell from 4.5 percent previously to 3.4 percent by the end of 2020.

There was already a recovery in 2021 and gross domestic product rose to 1.837 trillion (=108.5% of 2019).

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

Development of imports and exports in billions of USD 1994 - 2022

Household debt and deficits 2022

Unemployment rates in percentages 1991 - 2021

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.