Understanding the Russian Economy
Understanding the Russian Economy Russia is one of the world’s leading economies and the largest country, covering an area of 6.6 million square miles. Its economy has seen its fair share of ups and downs throughout the years, from Communism to privatization and from boom-times to the economic crisis of the 1990s. But, despite this rocky road, Russia has managed to survive and rebuild, and is now an emerging economy that is on the rise. But what exactly makes up the Russian economy? Russia has a market-based economy that relies heavily on exporting oil and natural gas, which make up over 60% of the country’s total exports. Manufacturing, agriculture and construction also play an important role in the economy, accounting for more than 20% of GDP. Services make up a further 13% of GDP, with most businesses in the sector operating as small and medium sized enterprises (SMEs). Russia is the world’s largest exporter of natural resources, and the country’s primary export markets are Europ...