Russia » Introduction

Basic Economic Facts

GDP composition by Sector

The country is presently running a huge trade surplus, which has been helped by protective import barriers, and rampant corruption which ensures that it is almost impossible for foreign and local SMEs (small and medium sized enterprises) to import goods without the help of local specialist import firms, such as the Russia Import Company. Some import barriers are expected to be abolished after Russia's accession to the WTO in 2006.

By June 16th, 2006, Russia's international reserves reached $246 billion nominally and projected to grow to $280 billion by the end of this year and to $300-400 billion by the end of 2007. Formed by State in 2004, Stabilisation Fund grew to $75 billion and is projected to achieve $110 billion by the end of the year and $237 billion by the end of 2009.

According to the Federal State Statistics Service of Russia, the monthly nominal average salary was about RUR 10,975 (about $408) in June, 25.6 percent higher than in June 2005 and 7 percent more than in May 2006.