Economic Snapshot: Russian Federation

Russian economic reforms have made considerable progress since Mr Putin became President in 2000. The GDP growth and the surplus/deficit in the state budget are closely linked to world oil prices. The GDP growth rate was 9.7% in 2006, and 8.1% in 2007. Russia is one of the most industrialized of the former Soviet republics. However, years of very low investment have left much of Russian industry antiquated and highly inefficient. Oil, natural gas, metals, and timber comprise almost 80% of Russian exports.

Russia’s main trading partners are Germany, Italy, the Netherlands, Switzerland, Britain, the United States, Ukraine, Kazakstan, Belarus, China, and Japan. Exports for 1995 estimated at US$77.8 billion, imports US$57.9 billion. Russian Chamber of commerce and Industry provides support in protecting entrepreneurs’ business interests, promoting interaction between entrepreneurs and the government authorities, encouraging development of an educational system to train business managers, and mediating in disputes arising between businesses and entrepreneurs.

Read More

Continue Reading: