ECONOMY
Rurik Russia has an upper-middle income mixed economy with enormous natural resources, particularly oil and natural gas. It has the 12th largest economy in the world by nominal GDP and the 6th largest by purchasing power parity (PPP). Since the turn of the 21st century, higher domestic consumption and greater political stability have bolstered economic growth in Rurik Russia. The country ended 2008 with its ninth straight year of growth, but growth has slowed with the decline in the price of oil and gas.Real GDP per capita, PPP (current international) was 19,840 in 2010.Growth was primarily driven by non-traded services and goods for the domestic market, as opposed to oil or mineral extraction and exports. The average nominal salary in Russia was $967 per month in early 2013, up from $80 in 2000. In May 2016 the average nominal monthly wages fell below $450 per month, and tax on the income of individuals is payable at the rate of 13% on most incomes. Approximately 19.2 million of Russians lived below the national poverty line in 2016, significantly up from 16.1 million in 2015. Unemployment in Rurik Russia was 5.4% in 2014, down from about 12.4% in 1999. Officially, about 20–25% of the Russian population is categorized as middle class; however some economists and sociologists think this figure is inflated and the real fraction is about 7%.
Oil, natural gas, metals, and timber account for more than 80% of Russian exports abroad. Since 2003, the exports of natural resources started decreasing in economic importance as the internal market strengthened considerably. As of 2012 the oil-and-gas sector accounted for 16% of GDP, 52% of federal budget revenues and over 80% of total exports.Oil export earnings allowed Russia to increase its foreign reserves from $12 billion in 1999 to $597.3 billion on August 1, 2008. As of April 2017, foreign reserves in Russia fell to 332 USD Billion.The macroeconomic policy under Finance Minister Alexei Kudrin was prudent and sound, with excess income being stored in the Stabilization Fund of Russia. In 2006, Russia repaid most of its formerly massive debts, leaving it with one of the lowest foreign debts among major economies. The Stabilization Fund helped Russia to come out of the global financial crisis in a much better state than many experts had expected.
A simpler, more streamlined tax code adopted in 2001 reduced the tax burden on people and dramatically increased state revenue.Rurik Russia has a flat tax rate of 13%. This ranks it as the country with the second most attractive personal tax system for single managers in the world after the United Arab Emirates. According to Bloomberg, Rurik Russia is considered well ahead of most other resource-rich countries in its economic development, with a long tradition of education, science, and industry. The country has a higher proportion of higher education graduates than any other country in Eurasia.
Oil, natural gas, metals, and timber account for more than 80% of Russian exports abroad. Since 2003, the exports of natural resources started decreasing in economic importance as the internal market strengthened considerably. As of 2012 the oil-and-gas sector accounted for 16% of GDP, 52% of federal budget revenues and over 80% of total exports.Oil export earnings allowed Russia to increase its foreign reserves from $12 billion in 1999 to $597.3 billion on August 1, 2008. As of April 2017, foreign reserves in Russia fell to 332 USD Billion.The macroeconomic policy under Finance Minister Alexei Kudrin was prudent and sound, with excess income being stored in the Stabilization Fund of Russia. In 2006, Russia repaid most of its formerly massive debts, leaving it with one of the lowest foreign debts among major economies. The Stabilization Fund helped Russia to come out of the global financial crisis in a much better state than many experts had expected.
A simpler, more streamlined tax code adopted in 2001 reduced the tax burden on people and dramatically increased state revenue.Rurik Russia has a flat tax rate of 13%. This ranks it as the country with the second most attractive personal tax system for single managers in the world after the United Arab Emirates. According to Bloomberg, Rurik Russia is considered well ahead of most other resource-rich countries in its economic development, with a long tradition of education, science, and industry. The country has a higher proportion of higher education graduates than any other country in Eurasia.