Portal:Business/Selected economy/31
.jpg)
The economy of Russia is a high-income, industrialized, mixed market-oriented economy. It has the eleventh-largest economy in the world by nominal GDP, the sixth-largest economy by GDP purchasing power parity (PPP) according to the IMF, and fourth-largest economy by GDP (PPP) according to World Bank. Due to a volatile currency exchange rate, its GDP measured in dollars fluctuates sharply. Russia was the last major economy to join the World Trade Organization (WTO), becoming a member in 2012.
Russia has large amounts of energy resources throughout its vast landmass, particularly natural gas and petroleum, which play a crucial role in its energy self-sufficiency and exports. The country has been widely described as an energy superpower; with it having the largest natural gas reserves in the world, the second-largest coal reserves, the eigth-largest oil reserves, and the largest oil shale reserves in Europe. Russia is the world's leading natural gas exporter, the second-largest natural gas producer, the second-largest oil exporter and producer, and the third-largest coal exporter. Its foreign exchange reserves are the fourth-largest in the world. Russia has a labour force of about 72 million people, which is the eighth-largest in the world. It is the third-largest exporter of arms in the world. The oil and gas industry accounted up to 41% of Russia's federal budget revenues by mid-2024, while fossil fuels accounted up to 43% of its merchandise exports in 2021. (Full article...)