Edit] Gross domestic product

GRP per capita, 2008 (thousands US dollars):

50 000 and over

30 000 – 50 000

20 000 – 30 000

9 750 (Russian average) – 20 000

7 500 – 9 750

5 000 – 7 500

3 000 – 5 000

under 3 000

This is a chart of trend of gross domestic product of Russia at market prices estimated by the International Monetary Fund with figures in millions of Russian Rubles.^[39]

For purchasing power parity comparisons, the US Dollar is exchanged at 13.63 Rubles only. Average wages in 2007 hover around $42–51 per day.

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% and strict government budget led to the growth, while lower oil prices and ruble appreciation slowed it. As of November 2007, unemployment in Russia was at 5.9%,^[40] down from 10.4% in 2000. Combined unemployment and underemployment may exceed those figures. Industrial output in 2007 grew by 6.3% compared to 2006, driven by investment growth and private consumption demand.^{[citation needed]}

As of 2009, income from the oil industry and related services accounted for 17 per cent of the gross domestic product of Russia.^[41]

As of April 2008, the International Monetary Fund estimates that Russia's gross domestic product (nominal) will grow from its 2007 value of $1,289,582 million to $3,462,998 million by 2013, a 168% increase. 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.^[42]

Edit] Monetary policy

The exchange rate stabilized in 1999; after falling from 6.5 rubles/dollar in April 1998 to about 25 rubles/dollar by August 1998, one year later it had further depreciated only to about 28.5 rubles/dollar. As of June 2002, the exchange rate was 31.4 rubles/dollar, down from 29.2 rubles/dollar the year before. After some large spikes in inflation following the August 1998 economic crisis, inflation has declined steadily. Cumulative consumer price inflation for 2001 was at 18.6% slightly below the 20.2% inflation rate of the previous year but above the inflation target set in the 2001 budget. The Central Bank's accumulation of foreign reserves drove inflation higher and that trend is expected to continue. By 2009, the estimated inflation rate had decreased to 11.7%.^[43]

Date: 2015-12-11; view: 927