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Russia: Key Facts


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 Russia is a unique emerging market and a superpower.

Its exports are primarily resource based, but it has a pool of technical talent in aerospace, nuclear engineering, and basic sciences.

Russia's story of integration into the world economy is as significant as the emergence of China and India.

The Russian economy is on much firmer ground now and the Russian government is determined to make Russia a modern first world economy.

After attaining broad macro economic stability and high growth likely to exceed both India and China in 2008, the focus is now on using the windfall from exports of its mineral resources to build and modernize infrastructure and create an environment conducive to business, particularly the non commodities exports.

Arms sales have increased to the point where Russia is first in the world in sale of weapons.

The IT industry has recorded several record years of growth in high end niches like algorithm design and microelectronics, while leaving the lesser end work to India and China; Russia is now the world's third biggest destination for outsourcing software behind India and China.

The space launch industry is now the world's second largest behind Arian Space of Europe and nuclear power plant companies are going from strength to strength, selling plants to China and India, and recently signed a joint venture with Toshiba to develop cutting edge power plants.

The civilian aerospace industry has also made a comeback with the Sukhoi Superjet, arguably the most advanced regional jet available, as well as the upcoming MS 21 project to compete with Boeing and Airbus.

Russia is well on its way to being a developed country within the 2020-2025 timeframe. To sustain this momentum of high growth in high end manufacturing and services the government has pumped large amounts of money in higher education, resulting in the highest number of student enrolment in higher education at any time in history, including at the zenith of the USSR.

 Russia's GDP, estimated at $1,250 billion at 2007 exchange rates, increased by 8.1% in 2007 compared to 2006. Continued average inflation of approximately 10%.

As of 2005, oil industry and related services account for at least 40 per cent of the gross domestic product of Russia.

 As of April 2008, the International Monetary Fund estimates that Russia's gross domestic product will grow to $3,462,998 million by 2013, a 168% increase compared to 2007. Its GDP PPP is estimated to grow from $2,087,815 to $3,330,623 in the same time, which would make it the second largest economy in Europe in terms of purchasing power.

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