ARCHIVE // RU // TIME-SERIES
Economic overview
Russia — 36 years of data
Historical Values
| Year | Value |
|---|---|
| 1990 | The first five years of perestroyka (economic restructuring) have undermined the institutions and processes of the Soviet command economy without replacing them with efficiently functioning markets. The initial reforms featured greater authority for enterprise managers over prices, wages, product mix, investment, sources of supply, and customers. But in the absence of effective market discipline, the result was the disappearance of low-price goods, excessive wage increases, an even larger volume |
| 1991 | The first six years of perestroyka (economic and political restructuring) have undermined the institutions and processes of the Soviet command economy without replacing them with efficiently functioning markets. The initial reforms have featured greater authority for enterprise managers over prices, wages, product mix, investment, sources of supply, and customers. But in the absence of effective market discipline, the result has been the disappearance of low-price goods, excessive wage increases |
| 1992 | Russia, one of the world's largest economies, possesses a wealth of natural resources and a diverse industrial base. Within the now-dismantled USSR, it had produced 60% of total output, with 55% of the total labor force and 60% of the total capital stock. Russia depends on its world-class deposits of oil and gas not only for its own needs but also for vital hard currency earnings. Self-sufficient in coal and iron ore, it has a crude steel production capacity of about 95 million tons, second only |
| 1993 | Russia, a vast country with a wealth of natural resources and a diverse industrial base, continues to experience great difficulties in moving from its old centrally planned economy to a modern market economy. President YEL'TSIN's government made significant strides toward a market economy in 1992 by freeing most prices, slashing defense spending, unifying foreign exchange rates, and launching an ambitious privatization program. At the same time, GDP fell 19%, according to official statistics, la |
| 1994 | Russia, a vast country with a wealth of natural resources, a well-educated population, and a diverse industrial base, continues to experience severe difficulties in moving from its old centrally planned economy to a modern market economy. President YEL'TSIN's government has made some progress toward a market economy by freeing most prices, slashing defense spending, unifying foreign exchange rates, and launching an ambitious privatization program. Yet much of the old order persists and YEL'TSIN |
| 1995 | Russia, a vast country with a wealth of natural resources, a well-educated population, and a diverse industrial base, continues to experience formidable difficulties in moving from its old centrally planned economy to a modern market economy. President YEL'TSIN's government has made substantial strides in converting to a market economy since launching its economic reform program in January 1992 by freeing nearly all prices, slashing defense spending, eliminating the old centralized distribution |
| 1996 | Russia, a vast country with a wealth of natural resources, a well-educated population, and a diverse industrial base, continues to experience formidable difficulties in moving from its old centrally planned economy to a modern-market economy. The break-up of the USSR into 15 successor states in late 1991 destroyed major economic links that have been only partially replaced. As a result of these dislocations and the failure of the government to implement a rigorous and consistent reform program, |
| 1997 | Russia, a vast country with a wealth of natural resources, a well-educated population, and a diverse, but declining, industrial base, continues to experience formidable difficulties in moving from its old centrally planned economy to a modern market economy. Most of 1996 was a lost year for economic reforms, with government officials focused in the first half of the year on President YEL'TSIN's reelection and then on his medical problems. The only major success was in the fight against inflation |
| 1998 | Russia, a vast country with a wealth of natural resources, a well-educated population, and a diverse, but declining, industrial base, continues to experience formidable difficulties in moving from its old centrally planned economy to a modern market economy. After seven consecutive years of contraction 1990-96 in which GDP fell by one-third, GDP grew by 0.4% in 1997, according to official statistics. Moscow continued to make strides in its battle against inflation, which fell to 11%, half the 19 |
| 1999 | Seven years after the collapse of the USSR, Russia is still struggling to establish a modern market economy and achieve strong economic growth. Russian GDP has contracted an estimated 43% since 1991, including a 5% drop in 1998, despite the country's wealth of natural resources, its well-educated population, and its diverse--although increasingly dilapidated--industrial base. By the end of 1997, Russia had achieved some progress. Inflation had been brought under control, the ruble was stabilized |
| 2000 | Nine years after the collapse of the USSR, Russia is still struggling to establish a modern market economy and achieve strong economic growth. Russian GDP has contracted an estimated 45% since 1991, despite the country's wealth of natural resources, its well-educated population, and its diverse - although increasingly dilapidated - industrial base. By the end of 1997, Russia had achieved some progress. Inflation had been brought under control, the ruble was stabilized, and an ambitious privatiza |
| 2001 | A decade after the implosion of the Soviet Union in 1991, Russia is still struggling to establish a modern market economy and achieve strong economic growth. In contrast to its trading partners in Central Europe - which were able to overcome the initial production declines that accompanied the launch of market reforms within three to five years - Russia saw its economy contract for five years, as the executive and legislature dithered over the implementation of many of the basic foundations of a |
| 2002 | A decade after the implosion of the centrally planned Soviet Union in December 1991, Russia is still struggling to establish a modern market economy, modernize its industrial base, and maintain strong economic growth. The period 1992-98 was marked by a poor business climate, a deterioration in already threadbare living standards, and failure to institute modern market reforms. Conditions improved markedly in 1999-2002, with annual output growing by an average 6% and with progress in structural r |
| 2003 | A decade after the implosion of the Soviet Union in December 1991, Russia is still struggling to establish a modern market economy and achieve strong economic growth. In contrast to its trading partners in Central Europe - which were able within 3 to 5 years to overcome the initial production declines that accompanied the launch of market reforms - Russia saw its economy contract for five years, as the executive and legislature dithered over the implementation of many of the basic foundations of |
| 2004 | Russia ended 2003 with its fifth straight year of growth, averaging 6.5% annually since the financial crisis of 1998. Although high oil prices and a relatively cheap ruble are important drivers of this economic rebound, since 2000 investment and consumer-driven demand have played a noticeably increasing role. Real fixed capital investments have averaged gains greater than 10% over the last four years and real personal incomes have averaged increases over 12%. Russia has also improved its interna |
| 2005 | Russia ended 2004 with its sixth straight year of growth, averaging 6.5% annually since the financial crisis of 1998. Although high oil prices and a relatively cheap ruble are important drivers of this economic rebound, since 2000 investment and consumer-driven demand have played a noticeably increasing role. Real fixed capital investments have averaged gains greater than 10% over the last five years, and real personal incomes have realized average increases over 12%. Russia has also improved it |
| 2006 | Russia ended 2005 with its seventh straight year of growth, averaging 6.4% annually since the financial crisis of 1998. Although high oil prices and a relatively cheap ruble are important drivers of this economic rebound, since 2000 investment and consumer-driven demand have played a noticeably increasing role. Real fixed capital investments have averaged gains greater than 10% over the last five years, and real personal incomes have realized average increases over 12%. During this time, poverty |
| 2007 | Russia ended 2006 with its eighth straight year of growth, averaging 6.7% annually since the financial crisis of 1998. Although high oil prices and a relatively cheap ruble initially drove this growth, since 2003 consumer demand and, more recently, investment have played a significant role. Over the last five years, fixed capital investments have averaged real gains greater than 10% per year and personal incomes have achieved real gains more than 12% per year. During this time, poverty has decli |
| 2008 | Russia ended 2007 with its ninth straight year of growth, averaging 7% annually since the financial crisis of 1998. Although high oil prices and a relatively cheap ruble initially drove this growth, since 2003 consumer demand and, more recently, investment have played a significant role. Over the last six years, fixed capital investments have averaged real gains greater than 10% per year and personal incomes have achieved real gains more than 12% per year. During this time, poverty has declined |
| 2009 | Russia ended 2008 with GDP growth of 5.6%, following 10 straight years of growth averaging 7% annually since the financial crisis of 1998. Over the last six years, fixed capital investment growth and personal income growth have averaged above 10%, but both grew at slower rates in 2008. Growth in 2008 was driven largely by non-tradable services and domestic manufacturing, rather than exports. During the past decade, poverty and unemployment declined steadily and the middle class continued to expa |
| 2010 | Russia has undergone significant changes since the collapse of the Soviet Union, moving from a globally-isolated, centrally-planned economy to a more market-based and globally-integrated economy. Economic reforms in the 1990s privatized most industry, with notable exceptions in the energy and defense-related sectors. The protection of property rights is still weak and the private sector remains subject to heavy state interference. Russian industry is primarily split between globally-competitive |
| 2011 | Russia has undergone significant changes since the collapse of the Soviet Union, moving from a globally-isolated, centrally-planned economy to a more market-based and globally-integrated economy. Economic reforms in the 1990s privatized most industry, with notable exceptions in the energy and defense-related sectors. The protection of property rights is still weak and the private sector remains subject to heavy state interference. Russian industry is primarily split between globally-competitive |
| 2012 | Russia has undergone significant changes since the collapse of the Soviet Union, moving from a globally-isolated, centrally-planned economy to a more market-based and globally-integrated economy. Economic reforms in the 1990s privatized most industry, with notable exceptions in the energy and defense-related sectors. The protection of property rights is still weak and the private sector remains subject to heavy state interference. Russian industry is primarily split between globally-competitive |
| 2013 | Russia has undergone significant changes since the collapse of the Soviet Union, moving from a globally-isolated, centrally-planned economy to a more market-based and globally-integrated economy. Economic reforms in the 1990s privatized most industry, with notable exceptions in the energy and defense-related sectors. The protection of property rights is still weak and the private sector remains subject to heavy state interference. In 2011, Russia became the world's leading oil producer, surpassi |
| 2014 | Russia has undergone significant changes since the collapse of the Soviet Union, moving from a globally-isolated, centrally-planned economy towards a more market-based and globally-integrated economy, but stalling as a partially reformed, statist economy with a high concentration of wealth in officials' hands. Economic reforms in the 1990s privatized most industry, with notable exceptions in the energy and defense-related sectors. The protection of property rights is still weak and the private s |
| 2015 | Russia has undergone significant changes since the collapse of the Soviet Union, moving from a globally-isolated, centrally-planned economy towards a more market-based and globally-integrated economy, but stalling as a partially reformed, statist economy with a high concentration of wealth in officials' hands. Economic reforms in the 1990s privatized most industry, with notable exceptions in the energy and defense-related sectors. The protection of property rights is still weak and the private s |
| 2016 | Russia has undergone significant changes since the collapse of the Soviet Union, moving from a centrally planned economy towards a more market-based system. Both economic growth and reform have stalled in recent years, however, and Russia remains a predominantly statist economy with a high concentration of wealth in officials' hands. Economic reforms in the 1990s privatized most industry, with notable exceptions in the energy, transportation, banking, and defense-related sectors. The protection |
| 2017 | Russia has undergone significant changes since the collapse of the Soviet Union, moving from a centrally planned economy towards a more market-based system. Both economic growth and reform have stalled in recent years, however, and Russia remains a predominantly statist economy with a high concentration of wealth in officials' hands. Economic reforms in the 1990s privatized most industry, with notable exceptions in the energy, transportation, banking, and defense-related sectors. The protection |
| 2018 | Russia has undergone significant changes since the collapse of the Soviet Union, moving from a centrally planned economy towards a more market-based system. Both economic growth and reform have stalled in recent years, however, and Russia remains a predominantly statist economy with a high concentration of wealth in officials' hands. Economic reforms in the 1990s privatized most industry, with notable exceptions in the energy, transportation, banking, and defense-related sectors. The protection |
| 2019 | Russia has undergone significant changes since the collapse of the Soviet Union, moving from a centrally planned economy towards a more market-based system. Both economic growth and reform have stalled in recent years, however, and Russia remains a predominantly statist economy with a high concentration of wealth in officials' hands. Economic reforms in the 1990s privatized most industry, with notable exceptions in the energy, transportation, banking, and defense-related sectors. The protection |
| 2020 | Russia has undergone significant changes since the collapse of the Soviet Union, moving from a centrally planned economy towards a more market-based system. Both economic growth and reform have stalled in recent years, however, and Russia remains a predominantly statist economy with a high concentration of wealth in officials' hands. Economic reforms in the 1990s privatized most industry, with notable exceptions in the energy, transportation, banking, and defense-related sectors. The protection |
| 2021 | Russia has undergone significant changes since the collapse of the Soviet Union, moving from a centrally planned economy towards a more market-based system. Both economic growth and reform have stalled in recent years, however, and Russia remains a predominantly statist economy with a high concentration of wealth in officials' hands. Economic reforms in the 1990s privatized most industry, with notable exceptions in the energy, transportation, banking, and defense-related sectors. The protection |
| 2022 | Russia has undergone significant changes since the collapse of the Soviet Union, moving from a centrally planned economy towards a more market-based system. Both economic growth and reform have stalled in recent years, however, and Russia remains a predominantly statist economy with a high concentration of wealth in officials' hands. Economic reforms in the 1990s privatized most industry, with notable exceptions in the energy, transportation, banking, and defense-related sectors. The protection |
| 2023 | natural resource-rich Eurasian economy; leading energy exporter to Europe and Asia; decreased oil export reliance; endemic corruption, Ukrainian invasion, and lack of green infrastructure limit investment and have led to sanctions |
| 2024 | natural resource-rich Eurasian economy; leading energy exporter to Europe and Asia; decreased oil export reliance; endemic corruption, Ukrainian invasion, and lack of green infrastructure limit investment and have led to sanctions |
| 2025 | natural resource-rich Eurasian economy; leading energy exporter to Europe and Asia; decreased oil export reliance; endemic corruption, Ukrainian invasion, and lack of green infrastructure limit investment and have led to sanctions |